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. Implementation of measures to deter specific threats to the continuity of business operations, and/or respond to any occurrence of such threats in a timely and appropriate manner. Activities taken to reduce the severity or consequences of an emergency.

Approaches

The available actions and tools for risk mitigation vary significantly by Risk Type. Very broadly all strategies involve a combination of:

  • Attempting to modify the Risk Profile (changing the conditions or factors that contribute to likelihhood of the risk)
  • Obtaining some form of Insurance (leaving the underlying conditions unchanged but aiming to mitigate the impact)

See Also


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