Risk Management Strategies

Risk management strategies are methods used to identify, assess, and prioritize risks in order to minimize, monitor, and control the impact of uncertain events on an organization. Some common strategies include:Risk avoidance: taking actions to avoid potential risksRisk reduction: taking actions to reduce the likelihood or impact of a riskRisk transfer: transferring the risk to a third party through insurance or contractsRisk retention: accepting the risk and developing a plan to manage itRisk mitigation: implementing actions to reduce the impact of a risk if it occurs.