What are the key actions used to develop controls and make decisions on risk control measures?

Answer 1

Identify control options, determine control effects, prioritize risk controls, and select controls.

1) Identify the risk. 2) Evaluate the risk in terms of the probability of that risk occurring and the impact it will have if it does occur. 3) Evaluate the Pros and Cons of the control measures you identify to mitigate that risk, i.e. weigh up if the control is worth the cost in money, effort, time, and whatever it is you stand to lose, fail at, reduce. 4) Last thing, ensure your control procedures are current and work with current market trends and practices as your controls may be "out of date" to newer risks from the same source. This requires research in the relevant market to identify those new risks (if any), which brings us back to the first point above. One last point, never be complacent or over confident and prepare for issues that you did not identify, so have funds readily available to cover/reduce the loss, failure, reduction, and to invest in a new control measure/procedure once the risk/issue has been dealt with.