Risk Mitigation Process
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A Risk Mitigation Process is a risk management process that focuses on identifying, assessing, and developing strategies for risk reduction to an acceptable level.
- Context:
- It can (typically) involve the identification and analysis of potential Risks that could negatively impact a Project, Organization, or Endeavor.
- It can (often) include the development and implementation of plans and strategies aimed at minimizing the impact of these Risks should they materialize.
- It can (typically) involve a variety of strategies such as Risk Avoidance, Risk Transfer, Risk Acceptance, and Risk Reduction.
- It can (often) require continuous monitoring and reassessment to adapt to new Risks or changes in the Risk Landscape.
- It can be an integral part of a broader Risk Management Strategy that includes Risk Identification, Risk Assessment, Risk Prioritization, and Risk Monitoring.
- It can involve various stakeholders, including Risk Managers, Project Teams, Organizational Leadership, and External Partners, in the risk mitigation process.
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- Example(s):
- Implementing regular Data Backups and Disaster Recovery Plans to mitigate the risk of Data Loss.
- Purchasing Insurance to transfer the financial Risks of Property Damage to an Insurance Provider.
- Installing Security Systems and conducting regular Audits to reduce the risk of Theft or Fraud.
- Developing and enforcing strict Quality Control Processes to minimize the risk of Product Defects.
- Contract Review-related Risk Mitigation to identify potential legal and financial risks within contract agreements before finalization.
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- Counter-Example(s):
- Risk Ignorance, where Risks are neither identified nor managed.
- Over-Mitigation, where excessive resources are spent reducing a Risk that is of low priority or impact.
- See: Risk Analysis, Risk Assessment, Risk Management Plan, Risk Transfer, Risk Acceptance, Risk Avoidance.