Hi,
Yes, it's part of the feedback system compensation, or at least it looks like it is.
The resistor and capacitor make up the network, but usually there's another capacitor too for type II compensation.
Compensation in a feedback system is necessary when the system would oscillate or have serious overshoot or long settling time or any combination of these. The system is either unstable or marginally stable but with the right little network in the feedback path of the amplifier the system becomes more stable.
There's various techniques for selecting the compensation network component values, but they are all a little involved. Im sure there is plenty on the web about this though. It helps to do a Root Locus too.