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Mitigation strategies are also employed before the risk occurs to decrease the potential impact of a future down-side risk. Whereas preventive strategies reduce the probability of the risk occurring, mitigation strategies reduce the potential impact if the risk were to occur. Risk mitigation can take several forms:
Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station. Risk management is the identification, evaluation, and prioritization of risks, [1] followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. [2]
Mitigation planning identifies policies and actions that can be taken over the long term to reduce risk, and in the event of a disaster occurring, minimize loss. Such policies and actions are based on a risk assessment , using the identified hazards , vulnerabilities and probabilities of occurrence and estimates of impact to calculate risks ...
Deliberate risk management is used at routine periods through the implementation of a project or process. Examples include quality assurance, on-the-job training, safety briefs, performance reviews, and safety checks. Time Critical Time critical risk management is used during operational exercises or execution of tasks.
Risk transformation is about how to mitigate risk and in parallel develop competitive advantages. The goals of risk transformation are first to combat risk and secondly to differentiate and create solutions for the benefits of clients/users .
A risk management plan is a document to foresee risks, estimate impacts, and define responses to risks. It also contains a risk assessment matrix.According to the Project Management Institute, a risk management plan is a "component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed".
A Risk register plots the impact of a given risk over of its probability. The presented example deals with some issues which can arise on a usual Saturday-night party.. A risk register is a document used as a risk management tool and to fulfill regulatory compliance acting as a repository [1] for all risks identified and includes additional information [1] about each risk, e.g., nature of the ...
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [2]