The concepts of risk and control are integrally related.

Required
a. Explain how risk and control are related. Is one concept broader than the other? Explain.
b. What risks does a company have in developing and introducing a new product? Take the example of a new product in any industry that you are interested in and (a) identify the risks, (b) identify the controls that you would recommend to address those risks, and (c) identify the possible effect on the organization and the audit if the controls are not in place.