Final answer:
The correct answer is E) Watching for new risks, which is not involved in risk control but rather in risk identification and monitoring. Risk control consists of managing and mitigating already identified risks through various strategies.
Step-by-step explanation:
The subject of this question is business management, specifically referring to risk control within project management or organizational operations. Risk control involves identifying, analyzing, and implementing strategies to reduce or manage risks. The option that is NOT involved in risk control is E) Watching for new risks. This is because watching for new risks is part of risk identification and monitoring, which are separate from risk control. Risk control is about managing and mitigating risks that have already been identified.
Options A, B, C, and D (Executing the risk response strategy, Initiating contingency plans, Establishing a change control system, and Establishing contingency funds) are all proactive measures involved in risk control. These steps are taken to minimize the impact of known risks or prepare for their potential occurrence.