The adoption of a prudent response to risks by adopting strategies such as reduction, avoidance, sharing, contingency planning as well as establishing corporate goals that reflect prevailing social and moral standards. These responses relate to the organization's mission and the continued desire for improvement within our society.
- Risk Control is concerned with preventing, making less severe and speeding the recovery from various kinds of losses, whether they involve bodily injuries or illness, property damage, loss of use of income or property liability claims from other persons or organizations.
- The persons, items of property, and organizations benefit as they remain unharmed and productive, or are quickly returned to productivity after any mishap.
- Emphasizing risk control can be expected to make a risk management program more cost effective by reducing the costs of risk financing by more than what is invested in risk control.