risk mitigation
Reducing potential losses
Risk mitigation is the process of reducing the likelihood or impact of potential threats.
In business, finance, and project management, mitigation strategies might include diversifying investments, creating backup systems, or purchasing insurance.
The term implies not eliminating risk entirely but making it manageable: Our risk mitigation plan includes regular security audits and employee training.
- damage controlLimiting further harm
- damage limitationReducing negative consequences
- crisis managementHandling urgent threatening situations
- contingency planningPreparing for possible problems
- backup planAlternative if primary fails
worst case scenario · safety protocols · resilience-building · emergency procedures · stress testing · insurance policies · contractual agreements · liability waivers · self-insurance · loss prevention · failsafe · early warning systems · red flags · monitoring systems · downside · due diligence · belt and suspenders · threshold
- safetysafety helmet, hazard, airbag, alert, occupational safety
- business strategystrategy, competitive advantage, market share, profitability, differentiation
- risk managementhedging, hedges, diversification, insurance, reinsurance
- harm preventiondo no harm, harm prevention, harm reduction, patient safety, precaution
- procurementprocurement, purchasing, purchase order, bidding, subcontract
- risk analysisthreat assessment, failure analysis, likelihood, probability, severity
risk mitigationrisk seeking
Preferring uncertain outcomes
risk tolerance · gambling · risk exposure · speculation · reckless behavior
risk mitigationnegligence
Failure to exercise care
recklessness · carelessness · disregard · willful blindness · complacency