Risk control

Risk Control is a systematic approach to identifying, assessing, and reducing risks associated with exposures that can potentially cause harm or loss. It is a fundamental aspect of Risk Management, which is the process of identifying, evaluating, and prioritizing risks to minimize, monitor, and control the probability or impact of unfortunate events.

Definition

Risk control refers to the measures that are implemented to reduce the likelihood of a risk event occurring, or to minimize the impact if it does occur. It involves the development and implementation of strategies to manage and mitigate risks. These strategies can include Risk Avoidance, Risk Reduction, Risk Retention, and Risk Transfer.

Risk Control Techniques

Risk control techniques are the methods and measures that are used to manage risks. These can be broadly categorized into two types: Risk Prevention and Risk Reduction.

Risk Prevention

Risk prevention involves taking steps to prevent a risk from occurring. This can include implementing safety measures, training employees, and establishing policies and procedures.

Risk Reduction

Risk reduction involves taking steps to reduce the impact of a risk if it does occur. This can include implementing backup systems, purchasing insurance, and establishing contingency plans.

Risk Control Process

The risk control process involves several steps, including:

1. Risk Identification: This involves identifying the potential risks that could affect an organization.
2. Risk Assessment: This involves evaluating the potential impact and likelihood of each identified risk.
3. Risk Control Strategy Development: This involves developing strategies to manage and mitigate each identified risk.
4. Risk Control Implementation: This involves implementing the developed risk control strategies.
5. Risk Monitoring: This involves monitoring the effectiveness of the risk control strategies and making adjustments as necessary.

See Also

• Risk Management
• Risk Assessment
• Risk Reduction
• Risk Transfer
• Risk Retention

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