Which term refers to creating control measures following an identified risk?

The term that refers to creating control measures following an identified risk is "Mitigation Plan." This term specifically addresses the strategies and actions that are developed to reduce or eliminate the potential impact of risks that have been identified during the risk assessment process. A mitigation plan outlines specific measures that can be implemented to minimize the likelihood of the risk occurring or to lessen its impact if it does occur.

While risk management encompasses the broader process of identifying, assessing, and prioritizing risks along with the implementation of resources to minimize, monitor, and control the probability or impact of unfortunate events, it does not solely focus on the creation of control measures. Therefore, "Mitigation Plan" is more precise in this context as it directly speaks to the development of action steps in response to specific risks identified.

Additionally, an action plan usually refers to a detailed strategy that outlines the steps and tasks necessary to achieve a goal, which may not specifically pertain to risk mitigation. A control strategy often describes the overall approach to managing risks but may not focus on individual measurable actions that are specifically designed to counteract identified risks. Hence, "Mitigation Plan" is the most appropriate term in this situation.