Control

From Open Risk Manual

Definition

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.

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.


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This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.

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