MANAGEMENT

Detailed explanation-1: -Risk control is the set of methods by which firms evaluate potential losses and take action to reduce or eliminate such threats. It is a technique that utilizes findings from risk assessments.

Detailed explanation-2: -What are the main types of control? Controls are usually categorised as either Preventive, Detective or Reactive. This is based primarily on where in a risk’s life do they apply and as a result, do they modify the likelihood and or the impact of the risk.

Detailed explanation-3: -What elimination is actually about, is eliminating those risks that are unnecessary. For example, working at height creates a high level of risk, so if instead, you can do the work from ground level (e.g. using extendable poles or raising and lowering equipment) then you have eliminated the risk of working at height.

Detailed explanation-4: -Risk control, a crucial part of the risk management process, is a business strategy that allows organizations to evaluate potential losses and take action to reduce or eliminate those risks.