Defining risk mitigation
When risks have been analyzed and assessed, management determines how each of these risks should be treated.
Defining Risk mitigation
You can precise mitigation for a given risk:
In the Mitigation > Risk Strategy property page, tick the appropriate risk control level. • Acceptance
The risk is accepted and no action is taken to try to reduce the risk.
• Reduction
Risk likelihood can be reduced by installing additional controls, or the severity of its consequences can be reduced if the risk occurs.
• Transfer (sub-contractor)
The risk can also be shared with other partners, in particular when they have greater skills in controlling the risk. For example, you can sub-contract a dangerous activity to a partner specialized in the particular field. In such cases, it should be noted that it is often necessary to carry out a new risk study, since the introduction of a new partner can bring additional risks.
• Insurance
To supplement all the above approaches, it is often necessary to resort to insurance, in particular for risks of low likelihood but with high severity. In such cases, the insurer will generally request that risk prevention and reduction measures also be implemented.