BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Retaining the risk
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Avoiding the risk
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Insuring the risk
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None of the above
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Detailed explanation-1: -Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a business. Comparable to risk reduction, risk mitigation takes steps to reduce the negative effects of threats and disasters on business continuity (BC).
Detailed explanation-2: -Risk management strategy definition After identifying risks and assessing the likelihood of them happening, as well as the impact they could have, you will need to decide how to treat them. The approach you decide to take is your risk management strategy. This is also sometimes referred to as risk treatment.
Detailed explanation-3: -Retention refers to the assumption of risk of loss or damages. This expresses how a party, usually a business, handles or manages its risk. When a business retains risk, they absorb it themselves, as opposed to transferring it to an insurer.