What is meant by Risk control?

The term "risk control" refers to the process of monitoring, evaluating, and managing risks to ensure they remain within acceptable limits and to minimize potential negative impacts. Risk control is a crucial component of risk management, where actions are taken to monitor, assess, and mitigate identified risks if necessary.

Typical software functions in the area of "risk control":

Risk Assessment: Tools for the continuous evaluation and reassessment of risks based on current data and events.
Monitoring: Real-time monitoring of risks to quickly detect changes or escalations.
Alert Systems: Automated alerts and notifications when predefined risk thresholds are exceeded.
Reporting: Detailed reports on the current status and development of risks, including historical data.
Action Management: Tracking and managing risk mitigation actions, including assigning responsibilities and monitoring progress.
Compliance Check: Ensuring that all risk-related actions and decisions comply with legal and regulatory requirements.
Documentation: Systematic recording of all relevant steps, decisions, and actions related to risk control.