Common Risk Mitigation Strategies Employed by Organizations

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Information about Common Risk Mitigation Strategies Employed by Organizations
Finance

Published on March 15, 2014

Author: davidaufhauserdc

Source: slideshare.net

By David Aufhauser

Introduction  Legal and financial professional David Aufhauser is a partner at Williams & Connolly in Washington, DC. In his work with the firm, David Aufhauser maintains responsibility for tactical and strategic case management in the areas of litigation and risk mitigation. Companies apply risk assessment, management, and mitigation strategies to prepare for potential business interruptions or hazards and reduce the chance of lasting damage to corporate interests. Risk management identifies potential dangers affecting the organization, while mitigation is used to minimize risks. There are several common strategies in risk management, including avoidance, acceptance, limitation, transference, and control.

About Risk Avoidance  Risk avoidance is the process of eliminating or reducing business activities that lead to an unacceptably high level of risk. Risk acceptance, on the other hand, acknowledges that the identified hazard exists, but that the possibility of serious adverse effects is low enough to be tolerated. A contingency plan may be created to accommodate the risk, should it become necessary.

Conclusion  A compromise between risk avoidance and risk acceptance is sometimes called risk limitation, while transference is a strategy in which losses or high-risk activities are transferred or outsourced to a more suitable or specialized third party. Finally, a control procedure may be effective in identifying existing risks, and preventing future ones.

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