For every high-priority risk, we develop a tight strategy to deal with it. The four main strategies include:
Risk Avoidance: Halting activities that cause the risk.
Risk Reduction: Taking actions to decrease the likelihood or impact of the risk (e.g., improving operational procedures).
Risk Transfer: Shifting the burden of the risk to a third party (typically through insurance or contracts).
Risk Acceptance: Making a conscious decision to tolerate the potential impact if it is low or cannot be efficiently controlled.