Risk Mitigation

From Open Risk Manual

Definition

Risk Mitigation (also Risk Elimination, Risk Prevention) denotes any activities pursued for the purpose of reducing or eliminating perceived risks

Risk Mitigation Approaches

The available actions and tools for risk mitigation vary significantly by Risk Type.

Very broadly all strategies either:

  • Attempt to modify the risk profile (changing the conditions or factors that contribute to risk)
  • Obtain some form of insurance (leaving conditions unchanged but aiming to mitigate the impact)

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