risk mitigation strategy
Type
term
Definition
Includes the risk mitigation options or combination of options and the specific implementation approach for each option. It answers the questions “What is the plan to address the risk? Or “Should the risk be accepted, avoided, transferred, or controlled?” After analyzing risks, program personnel should develop a strategy to manage each risk by evaluating the risk mitigation options (Risk Acceptance, Risk Avoidance, Risk Transfer, and Risk Control) and choosing the best option or hybrid of options based on risk analysis, prioritization, and potential for risk reduction.