Risk Response Strategies
Risk Response Strategies refer to the various approaches that organizations adopt to manage and mitigate risks that may arise during the course of their operations. These strategies involve identifying potential risks, assessing their likelihood and impact, and developing a plan to address them. The four main risk response strategies are: Avoidance, Mitigation, Transfer, and Acceptance. Avoidance involves eliminating the risk altogether by not engaging in the activity that poses the risk. Mitigation involves reducing the likelihood or impact of the risk. Transfer involves shifting the risk to another party, such as an insurance company. Acceptance involves acknowledging the risk and its potential impact, and developing a plan to manage it if it occurs.
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