Risk Mitigation Strategy

A risk mitigation strategy is a plan designed to reduce the potential negative impacts of uncertain events or risks. This involves identifying possible risks, assessing their likelihood and impact, and taking steps to alleviate them. Techniques may include avoiding the risk altogether, reducing its likelihood or impact, transferring the risk to another party (like insurance), or accepting the risk if it's manageable. The goal is to protect assets, ensure safety, and maintain continuity in operations or projects, ultimately leading to more informed decisions and better outcomes.