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Risk vs. Control

Understand the distinction between what could go wrong and what helps prevent or detect it.

1 min read · supporting textFoundationLearning stage: Understand Editorial policy
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risk vs control
risk vs control

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Risk is what could prevent an objective from being achieved. A control is an action designed to address that risk.

Begin with the objective, define the possible failure, then assess whether the control is designed and performed well enough to respond.

The Inside Assurance lens

Put the perspective to work.

Use these questions to connect the resource to your own business context.

01 / Business question

What could prevent the objective from being achieved?

02 / Inside the process

How does the control respond to that failure?

03 / Risk & evidence

What evidence shows its design and actual operation?

04 / Practical application

Who owns exceptions, escalation and corrective action?

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Sources & related guidance

References & context.

COSO — Internal Control–Integrated Framework

Use the framework and jurisdiction applicable to your work. Original examples and templates do not imply endorsement by the referenced organisations.

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