What are control activities in risk management?

Control activities in risk management refer to specific policies and procedures that are established to help mitigate identified risks. These activities are critical components of an organization’s internal control system and are designed to ensure that risk responses are carried out effectively. By implementing control activities, organizations can better manage potential risks that may affect their ability to achieve objectives and can enhance the integrity of their operations.

Control activities can take various forms, such as approval processes, reconciliations, physical safeguards, and segregation of duties. The purpose of these activities is to prevent the occurrence of risks or to minimize their impact, ensuring that the organization operates within its risk appetite while fulfilling its mission.

The other options represent different aspects of risk management but do not directly define control activities. Strategies for long-term financial goals focus on broader organizational planning rather than specific risk mitigation measures. Training programs for risk management teams are essential for equipping staff with the skills to identify and address risks but do not constitute control activities themselves. Techniques for risk communication involve sharing information about risks and their management but do not directly implement controls to mitigate those risks. Thus, the choice that accurately represents control activities in risk management is the one that highlights policies and procedures for risk mitigation.