Risk Mitigation Strategies

Risk mitigation strategies are proactive measures taken to reduce the impact or likelihood of potential problems. These can include identifying risks, assessing their severity, and implementing actions to minimize them. Common strategies include avoiding the risk altogether, reducing the chances of it occurring, transferring the risk to another party (like through insurance), or accepting it if it's manageable. By planning ahead and preparing for uncertainties, individuals and organizations can protect their interests and ensure smoother operations or outcomes.