Risk management
Risk management

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

Free course

Risk management

3.1 Controls

The more important each control is (i.e. the bigger the level of risk reduction it achieves) the more important it is to have assurance. Assurance of controls should look at both the design (does the control, as designed, reduce the probability or impact of the risk?) and also the operation (is the control operating in the way the design intended?), to confirm that both are effective.

There is a ‘many to many’ relationship between risks and controls. This means that each risk could have several controls related to that risk, but also one control may mitigate several risks. Controls are often embedded in processes. Organisations often get assurance over their controls by auditing their processes. When identifying their key controls, organisation should also consider situations where they are reliant on a single control.

Activity 2 Risk/control matrix

Timing: Allow approximately 10 minutes

One way to manage the ‘many to many’ relationship is by using a risk/control matrix.

Click on the interactive to start selecting your answers from the drop-down options.

Interactive feature not available in single page view (see it in standard view).

Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to University-level study, we offer two introductory routes to our qualifications. You could either choose to start with an Access module, or a module which allows you to count your previous learning towards an Open University qualification. Read our guide on Where to take your learning next for more information.

Not ready for formal University study? Then browse over 1000 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus371