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A risk control procedure aims to reduce the risk levels. This is a mechanism that is implemented with the intention of minimizing the possible risk.

Controls are designed to reduce or eliminate risk.

Inherent Risk, Control Risk and Detection Risk

An organization establishes a system of internal control to help it manage many of the risks it faces, such risks are classified as follows:-

* Inherent Risk

* Control Risk

* Detection Risk

Establishing an internal control is the responsibility of the management, the elements (components) of internal control framework are the following:-

* Control environment

* Risk Assessment

* Control Activities

* Information & Communication

* Monitoring