Overview

Risks can be identified, quantified, prioritized, and assigned to people to monitor for and respond to, but in the end, there are only a handful of risk mitigation strategies that can be employed. Avoidance, Acceptance, Reduction or Control, and Transference are your basic approaches to how you and the organization react to risk events that come to pass.

Instructions

Using the CCCOnline Library, or any other credible sources you may locate on the World Wide Web, address the following topics in your main post:

1. Describe the features of each type of risk mitigation strategy mentioned above.
2. Illustrate your descriptions with an example that demonstrates the use of the features you've described.
3. Transferring risk to the other party usually involves extra cost. How can you determine if the extra costs are worth it?