How can risks be effectively controlled after identification?

Developing a comprehensive control strategy is crucial for effectively managing risks after they have been identified. This approach involves not just acknowledging the risks but also creating a structured and proactive plan to address them. A comprehensive strategy will assess the likelihood and potential impact of each risk, prioritize them based on these factors, and outline specific mitigation measures to prevent or reduce their occurrence.

Such a strategy can include a range of actions, such as implementing preventive measures, establishing contingency plans, and continuously monitoring the risk environment to adapt to new challenges as they arise. This systematic and thorough approach ensures that risks are managed in a way that protects the organization's resources, reputation, and operations.

In contrast, merely ignoring minor risks, relying solely on reactive measures, or only consulting with top management limits the effectiveness of risk control. Ignoring risks can lead to unexpected negative impacts; reactive measures might lead to crisis management rather than proactive risk management; and consulting only top management might overlook valuable insights and perspectives from other team members who are also involved in operational tasks. Hence, a comprehensive control strategy is the most effective way to manage risks systematically and efficiently.