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?

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

How do companies typically implement these strategies?

Companies implement these strategies through risk assessments, developing policies, and training employees on risk management.