From Open Risk Manual


Control. The possession by a party, direct or indirect, of the power to direct or cause the direction of the management and policies of a thing, whether through the ownership of voting shares, by contract, or otherwise.

In Internal Governance

The whole system of controls, financial and otherwise, established by a Board compliance with laws and and management in order to carry on an regulations, to safeguard organization's business in an effective an organization's assets and efficient manner, in line with the and to ensure the reliability organization's established objectives and of management and goals. Also referred to as Internal Control

In Accounting

Control links an economic resource to an entity. Assessing whether control exists helps to identify the economic resource for which the entity accounts. An entity controls an economic resource if it has the present ability to direct the use of the economic resource and obtain the economic benefits that may flow from it.

In Statistics

Control means controlling certain aspect of a statistical experiment.