Operational Risk Management (ORM) Practice Exam

A risk control measure refers to the specific actions or strategies implemented to manage risk, which often involves reducing the likelihood of a risk event occurring or minimizing its impact if it does occur. By focusing on actions taken to reduce or eliminate risks, organizations can effectively enhance their risk management frameworks. This involves proactively identifying potential risks and determining the best practices or interventions needed to address them, thus promoting safety and operational efficiency.

The other choices, while relevant to organizational processes, do not pertain directly to the concept of risk control measures. Assessing past operational failures relates more to learning and improvement rather than active risk management. Identifying new business opportunities is about growth and innovation, and developing marketing strategies focuses on promoting a company's products or services. None of these options are designed specifically to target the management of risk in the same manner that risk control measures do.