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Definition of Risk Response

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Risk Response:  Leadership’s response or action towards the existence of a risk.  There are different approaches, including:

  • Avoidance - eliminate the conditions that allow the risk to exist
  • Reduction/mitigation - minimize the probability of the risk occurring and/or the likelihood that it will occur
  • Sharing - transfer the risk
  • Acceptance - acknowledge the existence of the risk but take no action.