Risk Mitigation

Risk mitigation is the process of identifying, assessing, and taking steps to reduce the potential impact of risks on an organization, project, or process. The goal of risk mitigation is to minimize the likelihood of risks occurring or to lessen their impact if they do occur, thereby protecting the business from significant harm or disruption. Risk mitigation involves developing strategies to manage risks effectively by either preventing them, reducing their likelihood, or controlling their consequences. This process is a key part of risk management and is crucial for ensuring business continuity, stability, and long-term success.