InspectionsInfrastructure risks are reduced with a process of regular inspections.
MaintenanceThe risk of equipment failure on a production line is reduced by performing regular maintenance according to a predefined schedule.
TestingThe risk of a damaging fire at a facility is reduced by testing fire detectors every six months.Credit risk is reduced by carefully validating the facts in a client's credit application. information security risk is reduced by emailing a client each time their bank account is accessed online from a new IP address.
SystemsTransportation safety risks are reduced with a collision avoidance system built into high speed trains.
System ValidationThe risk of human error in financial trading is reduced by implementing system validations. For example, a trading application might check that a limit price is makes sense relative to the market price.
PhysicalImplementation of physical controls such as a rain garden that reduces flood risks.
Engineering ControlsA machine is designed to automatically shutdown when something is wrong to reduce safety risks.
AuditsFinancial risks such as inherent risk are reduced with regular audits by an independent auditor.
BackupsData loss risks are reduced by taking regular backups that are stored in different physical locations.
PoliciesSafety risks can be reduced by enforcing a policy that requires proper safety gear to be worn at work sites.
CommunicationThe risk of disputes with neighbors of a construction site can be reduced with a process of communication to keep neighbors engaged and informed.
RedundancyThe risk of equipment failure is reduced by maintaining a backup.
TrainingThe risk of customer service failures is reduced with soft skills training for customer facing staff.
Change ManagementThe risk of scope creep is controlled with a formal system for submitting, reviewing, approving and scheduling changes to a project.
PlanningThe risk of benefit shortfall is reduced by requiring all projects to produce and approve a business plan.
QualityThe risk of poor reviews of a new product is reduced with a quality control process that tests each unit before it goes out the door.
EscalationThe risk of project failure is reduced with a process of quickly escalating issues to executives who have authority to make the decisions required to clear issues.
|Overview: Risk Control
An operational process, system, policy or procedure designed to reduce risk