riskmitigation

Risk mitigation refers to the process of developing strategies to reduce the probability and/or impact of adverse events to an acceptable level. It is a core component of risk management used across sectors to protect assets, people, and operations.

The process typically begins with risk identification and assessment, where risks are listed, their likelihood and potential impact are estimated, and a risk rating are assigned. These assessments inform prioritization and decision making.

Mitigation strategies fall into four broad categories: avoidance, reduction, transfer, and acceptance. Avoidance seeks to remove the risk by changing plans or conditions. Reduction lowers the likelihood or impact through controls, safeguards, or process changes. Transfer shifts risk to another party, such as through insurance or outsourcing. Acceptance involves recognizing the risk and incorporating it into planning with monitoring and contingency measures.

Implementation involves selecting appropriate controls, allocating resources, and integrating measures into operations and governance. Ongoing monitoring, testing, and review determine effectiveness and help adjust as conditions change. Residual risk is the portion of risk remaining after controls are applied, and risk appetite defines the level of risk an organization is willing to tolerate.

Risk mitigation is guided by frameworks and standards such as ISO 31000, NIST risk management, and COSO. It supports continuity planning, regulatory compliance, and informed decision making. Successful mitigation relies on cross-functional collaboration and clear accountability.