Risk management is an integral part of the management of any business. Every process and every task within a process has risk factors. To identify risks is a matter of experience, both statistically and professionally. Selection of someone who has the experienced is key.
Once the risks are identified then a Risk Assessment is used o categorize the risks most likely to have the greatest impact on achieving company goals. Usually this is defined by financial impact, but has broader implications in integrity of the business and personnel issues.
Risk control is a set of methods and actions taken to reduce or eliminate such threats of loss. It utilizes findings from the risk assessment that is most likely to have a negative affect on the company.
Risk control implements proactive changes to eliminate or reduce risk in the defined areas.