Risk mitigation
Risk Mitigation
Risk Mitigation (pronunciation: /rɪsk mɪtɪˈɡeɪʃən/) is a systematic process of identifying, assessing, and reducing risks in a project or process. The term is derived from the Latin words 'risicum' meaning 'danger' and 'mitigare' meaning 'to make less severe'.
Definition
Risk Mitigation refers to the steps taken to reduce the adverse effects of potential risks. It is a crucial part of Risk Management, which involves identifying, analyzing, and responding to risk factors throughout the life of a project. Risk Mitigation strategies may include risk avoidance, risk transfer, risk acceptance, or risk limitation.
Process
The Risk Mitigation process typically involves four steps:
- Risk Identification: This involves identifying potential risks that could negatively impact the project. This can be done through various methods such as SWOT Analysis, PESTLE Analysis, or Risk Breakdown Structure.
- Risk Assessment: Once the risks have been identified, they are then assessed based on their potential impact and likelihood of occurrence. This can be done using tools such as a Risk Matrix or Risk Register.
- Risk Response Planning: This involves developing strategies to deal with the identified risks. These strategies could include risk avoidance, risk transfer, risk acceptance, or risk limitation.
- Risk Monitoring and Control: This involves monitoring the identified risks and implementing the planned responses when necessary. This can be done using tools such as a Risk Dashboard or Risk Report.
Related Terms
- Risk Management
- Risk Assessment
- Risk Identification
- Risk Response Planning
- Risk Monitoring and Control
- Risk Avoidance
- Risk Transfer
- Risk Acceptance
- Risk Limitation
- SWOT Analysis
- PESTLE Analysis
- Risk Breakdown Structure
- Risk Matrix
- Risk Register
- Risk Dashboard
- Risk Report
External links
- Medical encyclopedia article on Risk mitigation
- Wikipedia's article - Risk mitigation
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