Final answer:
Risk Management is a process that involves several phases, one of which is the control selection phase. This phase includes assessing controls, selecting a control strategy, and justifying the choice of controls.
Step-by-step explanation:
Risk Management is a process that involves several phases to identify and mitigate risks in a business setting. One of these phases is the control selection phase, which includes assessing various types of controls to address the identified risks, selecting a control strategy, and justifying the choice of controls.
During this phase, the risks identified earlier in the risk assessment phase are evaluated, and potential controls are identified. The control strategy refers to the overall approach or plan for implementing the chosen controls. The choice of controls should be based on their effectiveness in reducing or eliminating the identified risks, as well as their feasibility and cost.
For example, let's say a business has identified cybersecurity risks and wants to protect its computer systems from unauthorized access. In the control selection phase, the business may assess different controls such as firewalls, encryption software, and access control systems. Based on their assessment, they may choose a control strategy that includes implementing firewalls and encryption software as primary controls, with regular access control checks. This choice of controls and control strategy should be justified based on their effectiveness, feasibility, and cost.