Risk Mitigation
Crafting Effective Risk Mitigation Plans to Safeguard Life and Assets
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Risk Mitigation
When you find a vulnerability in your Life or Asset, what do you do? Risk mitigation is the action you take to reduce threats and ensure resiliency. When you mitigate risk, you are taking steps to reduce adverse effects and Financial loss.
A proper mitigation strategy will define how you manage each risk.
There are four risk management strategies that are unique to Tension free life Continuity: risk acceptance, risk avoidance, risk limitation, and risk transference.
- Risk Acceptance
- Risk Avoidance
- Risk Transference
- Risk Reduction
01.
Risk Acceptance
Risk acceptance does not reduce any effects however it is still considered a strategy. This strategy is a common option when the cost of other risk management options such as avoidance or limitation may outweigh the cost of the risk itself. Having a Parental History of Diabetes will have a greater chance to have diabetes in you also. So we need to accept that take other Risk mitigation strategies.
02.
Risk Avoidance
Risk avoidance is the opposite of risk acceptance. It is the action that avoids any exposure to the risk whatsoever. Avoid the probable reasons of certain Risks. Avoid certain Food habits for certain Disease risks. Maintaining a healthy life style is the key here
03.
Risk Reduction
This is a strategy of employing a bit of risk acceptance along with a bit of risk avoidance or an average of both. A typical example is Vaccination, we take vaccine either to prevent a particular disease or reduce the complications in case we get that disease.
04.
Risk Transference
This is a strategy of employing a bit of risk acceptance along with a bit of risk avoidance or an average of both. A typical example is Vaccination, we take vaccine either to prevent a particular disease or reduce the complications in case we get that disease.