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What are the risk control measure for an organization?
Risk control is the set of approaches by which firms compute potential losses and take action to reduce or remove such threats. It is a technique that uses findings from risk assessments, which includes identifying potential risk element in a company's operations, including technical and non-technical element of the business, financial policies and other issues that can affect the well-being of the firm.
Risk control also implements proactive changes to decrease risk in these areas. Risk control provide companies limit lost assets and income. Risk control is an essential component of a company's enterprise risk management (ERM) protocol.
Risk control measures are like the rules created by parents to maintain their children from being injured, lost, or stolen. A parent creates rules, boundaries, and guidelines to stop their children from wandering too far from their home, from leaving with strangers, from being injured by fire, electricity, or other hazardous component in their home.
The parent teaches the child what the rules are, such as the employer will teach their employees what the risk control measures at their company are. The parent provide reviews the safety rules they have created, and they create a set of consequences that the child will have to face if they are caught dividing the safety rules.
The employer also reviews whether or not their employees are knowledgeable of the risk control measures, and creates a group of consequences the employee will face if they do not follow the risk control measures.
The risk control procedure requires attention to some regulatory and international standards with which the employer can be required to comply. Health and safety regulations can require specific controls for specific hazards, based on the jurisdiction. The use of risk control measures is expected to follow a “triage” model in which the largest risk is addressed first, utilizing the most effective controls available.
There are various steps of risk control which are as follows −
Avoidance is the best technique of loss control. For instance, after finding that a chemical used in manufacturing a company’s goods is troubling for the workers, a factory owner discover a safe substitute chemical to secure the workers health.
Loss reduction accepts the risk and explore to limit losses when a threat occurs. For instance, a company saving flammable material in a warehouse installs state-ofthe- art water sprayer for minimizing damage in case of fire.
Diversification allocates business resources for making several lines of business providing a multiple products or services in different industries. A significant revenue loss from one line will not outcome in irreversible harm to the company’s bottom line. For instance, further serving food, a restaurant has grocery stores carry its line of salad dressings, marinades, and sauces.
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