What it Means

Risk control is the overall strategy of identifying, evaluating and taking actions to manage risks so that their likelihood and impact are reduced to an acceptable level.It is an umbrella concept that includes Risk Avoidance, Risk Prevention, Risk Reduction, and sometimes Risk Transfer (like insurance).

In simple words, it’s everything you do to control the causes and effects of loss before, during, and after an event.

Objectives of Risk Control

• Reduce the frequency of losses (fewer accidents).
• Reduce the severity of losses (smaller impact if they occur).
• Improve safety and resilience of people, property, and operations.
• Ensure continuity of business or daily life after an incident.

Examples

• Safety Rules: Road safety rules, workplace safety training, personal protective equipment
• Maintenance: Regular checking of vehicles, electrical wiring, and fire equipment.
• Planning: Emergency evacuation plans, disaster drills, and backup systems.
• Design Choices: Building on higher ground to avoid floods; using fire-resistant materials.
• Insurance: Although it does not stop accidents, insurance transfers the financial part of the risk.

Steps in Risk Control

• Identify the risk — list hazards and potential perils.
• Analyze and evaluate — measure how likely and how severe each risk is.
• Choose the method — avoid, prevent, reduce, or transfer.
• Implement controls — safety measures, policies, training, insurance.
• Monitor and review — keep checking and improving.