Resurrecting the art of risk control.

Abstract

The author defines risk control as the process of minimizing accidental and other extraordinary losses by anticipating and preventing unplanned events. Loss control, on the other hand, is defined as the process of minimizing accidental and other extraordinary losses by containing unplanned events after they occur. By these definitions, many people who think they practice risk control are actually practicing loss control. A few people who practice loss control are actually practicing risk control.