Joan, it depends on a number of variables including, in particular, how you classify severity.
Do you classify on the basis of the worst case, or some definition of what is a realistic outcome (possibly skewed to the more severe).
So, taking Chris' example of health, let's consider asbestos. If we accept that the risk is subject to some form of dose-response relationship, i.e. the more exposure the more likely the more severe outcomes, then a short term failing in controls would not suddenly raise the "severity" back up to the level you might assign with NO controls.
Perhaps an easier example is road safety. Let's consider a road traffic collision at 70 mph. If you assign a severity of Fatality or Multiple Fatalities to that - a 4 or 5 on a typical 5 x 5 numeric risk assessment matrix approach......
.....then if your control might be to put in some hard barriers and introduce a 10 mph speed limit to enable roadworks, then you might decide that the Severity comes down to maybe a 1, 2 or 3. [all dependent on how you define Severity and a large spoonful of subjectivity].
But your control measures might fail or be compromised. The hard barrier might not be put in or be moved, and a motorist might well ignore the speed limit. So, may be we are back to 4 or 5.
But you might look at the whole scenario differently.
If the road is a motorway, then the chance of an accident resulting in death is actually very low. Roughly 2000 fatalities on the roads in the UK per year, of which only about 100 are on M-Ways. You are MUCH more likely to be killed in a built up area with a speed limit of 40 or less.
So, there is a strong argument not to start with the worst case outcome when assessing severity and thence not defaulting to death on a 70 mph motorway.
At the other end of the speed scale, in some cases it makes sense to recognise that many low speed impacts might well result in a worse outcome than a dent on a motorcar.
These considerations may apply both before and after the introduction of your controls and, for "residual risk", are to some extent dependent on the reliability of the controls.