Introduction to Risk Mitigation

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Risk mitigation is a systematic process where an organization develops actions and options to increase opportunities and reduce threats to project objectives. Risk mitigation implementation refers to the process of risk mitigation actions. Risk mitigation progress monitoring tracks identified, new and existing risks, and evaluates the risk process effectiveness throughout the project.

By taking action for risk mitigation, the negative effects of threats and disasters on business continuity are minimized. Although the principle of risk mitigation is to prepare a business for all potential risks, a proper risk mitigation plan will assess the impact of each risk and prioritize planning around that impact. Ideally, an organization would be prepared for all risks and threats and avoid them fully. However, it acknowledges the inevitability of some disasters and situations where threats cannot be avoided completely. To prepare for the worst, an organization should have a proper risk mitigation plan to minimize damage.