What are 'Controls' in risk management?

In risk management, 'Controls' refer to processes, procedures, or devices designed specifically to prevent, mitigate, or manage exposure to risks. The emphasis on preventing or mitigating impact is crucial in the risk management framework, as it highlights the proactive approach organizations take to safeguard assets, operations, and overall continuity in the face of potential threats.

Effectively, controls are integral to a comprehensive risk management strategy, allowing organizations to identify vulnerabilities and implement measures that minimize both the likelihood of risks occurring and the potential severity of their impacts. This can include various forms of risk controls such as physical barriers, training programs, security protocols, and technological safeguards that collectively work toward reducing the overall risk profile of an organization.

In contrast, while other options may touch on organizational processes or methods for enhancing efficiency or compliance, they do not specifically address the critical role that controls play in directly dealing with risks and their potential consequences. Therefore, option B accurately captures the essence of what constitutes 'Controls' in risk management.