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Friday, 26 January 2018 16:35

The 5 Most Important Risk Mitigation Controls

Last week we talked about the importance of finding out management’s risk tolerance and creating a business continuity program which will keep risk for the organization within those limits. Today, I thought I’d get more specific about how you go about doing that by discussing the five most important risk mitigation controls within your business continuity plan.

The way to limit the risk in your program is by implementing measures to limit the adverse effects of potential events: risk mitigation controls.

Here’s an example of how mitigation controls play a role in your everyday life: When you tell an ATM how much cash you want and receive that exact amount—with the withdrawal being accurately noted on your statement—this comes about because of a whole series of mitigation controls that have been put in place by the bank. These controls are meant to accurately manage and track cash disbursements.

In risk management, mitigation controls provide a parallel type of control over risk.