What are some effective risk mitigation strategies?

What are some effective risk mitigation strategies?

Effective risk mitigation strategies include risk avoidance, risk reduction, risk sharing, and risk acceptance.

Can you explain risk avoidance in more detail?

Risk avoidance involves changing plans to sidestep potential risks entirely, such as not engaging in risky activities.

What about risk reduction? How does that work?

Risk reduction aims to minimize the impact or likelihood of a risk, often through safety measures or contingency planning.

Are there any examples of risk sharing?

Yes, risk sharing can occur through partnerships or insurance, where the risk is distributed among multiple parties.