<div>Risk mitigation is the process of identifying, analyzing, and acting to reduce or control risks your organization may be exposed to. These risks can stem from a wide range of potential threats, such as natural disasters, economic instability, strategic errors, and more. Effective risk mitigation involves several strategies that can be applied to different risks. The primary aim is not to eliminate all risks but rather to minimize their potential impact on your organization or project.
5 steps to a successful risk mitigation strategy:
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Step 1: Identify. The first step in any risk mitigation plan is risk identification
Step 2: Perform a risk assessment. The next step is to quantify the
level of risk for each risk identified during the first step
Step 3: Prioritize
Step 4: Monitor
Step 5: Report
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