Risk Mitigation

Definition: Risk mitigation refers to the process of identifying, assessing, and implementing strategies to reduce the likelihood, impact, or severity of potential risks. It is a key component of risk management aimed at minimizing negative outcomes for organizations, projects, or individuals.

Context/Example: A company planning to launch a new product may use risk mitigation strategies such as conducting market research, implementing quality control measures, and creating contingency plans to address potential supply chain disruptions, regulatory challenges, or safety concerns.

Related Concepts: Risk Management, Contingency Planning, Crisis Management, Preventive Measures, Threat Assessment, Business Continuity, Safety Protocols