Which of the following is a financial control?

The identification of cost management procedures as a financial control is grounded in their primary function of overseeing and optimizing an organization's expenditures. Financial controls are essential for ensuring that spending aligns with the budgetary constraints and financial goals of the organization. Cost management procedures help organizations track expenses, analyze cost trends, and implement measures to reduce unnecessary costs, ultimately contributing to better financial health and enabling informed decision-making.

In comparison, operational efficiency projects may contribute to financial performance by enhancing productivity but do not specifically focus on managing financial resources. Risk mitigation strategies, while crucial for managing uncertainties that might impact financial outcomes, do not directly control finances. Compliance with regulatory standards is important for legal and ethical operations but is not a financial control issue in terms of managing costs and resources directly. Therefore, the focus of cost management procedures on the financial aspects of an organization makes them the correct choice regarding financial control.