risk management strategies

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7 Terms

1
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risk avoidance

prevents a risk from occuring by avoiding anything that could cause the event

2
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risk mitigation

aims to reduce the impact or likelihood of a risk

3
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risk transfer

assigns the risk to a third party, shifting financial responsibility for the risk to someone else

4
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risk acceptance

a “do nothing” approach that accepts the consequences of a risk if it were to occur

5
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risk exploitation

taking steps to ensure that the event occurs

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risk enhancement

maximizes the positive impact of a risk

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risk sharing

finds others who would benefit from the risk and share it