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Risk mitigation is the do of reducing identified risks. It is ane of iv types of run a endangerment handling amongst the others beingness run a endangerment avoidance, transfer in addition to acceptance.
Techniques to mitigate run a endangerment are largely dependent on the type of run a endangerment that you lot desire to reduce. The next are full general types of mitigation technique, each amongst an example.
Audits
Regular audits may position problems such equally accounting errors or security vulnerabilities earlier they expire larger problems. Audits tin endure used both equally a physical care for of run a endangerment identification in addition to mitigation. For example, accounting audits are a agency to trim back the run a endangerment of fiscal fraud.
Communication
Communicating a run a endangerment may serve to trim back it. For example, if a banking concern has identified a detail type of fraud equally a risk, communicating it to front end trace managers may attention to foreclose it.
Contingency Plans
Planning for critical situations such equally natural disasters or security incidents tin trim back the touching of such events should they occur.
Diversification
The physical care for of allocating your majuscule in addition to resources inwards various areas to trim back run a endangerment in addition to volatility. For example, a companionship that sells 100 products inwards 12 dissimilar categories volition typically cause got to a greater extent than stable revenue than a companionship amongst a unmarried product.
Due Diligence
Due diligence is the physical care for of investigation earlier committing to something such equally a contract or strategy. Basic due diligence such equally checking the financial, environmental, corporate social responsibleness in addition to management practices of a potential partner is a basic pace inwards run a endangerment reduction that is ofttimes considered a legal obligation.
Ergonomics
Ergonomics is the pattern of products to suit human cognitive in addition to physical characteristics. It is considered a tool of run a endangerment mitigation such equally preventing the run a endangerment of repetitive strain injuries amongst good designed slice of furniture in addition to equipment.
Error Handling
Designing systems in addition to thus that errors are handled inwards such a agency that processes, automation in addition to user interfaces stay functional. Historically, systems were ofttimes designed to forthwith stop upon finding whatever type of error. This is an unacceptable work organisation run a endangerment inwards many scenarios. Well designed modern systems are designed to piece of work around errors equally far equally possible.
Facilities
In some cases entire facilities are built to mitigate risks. For example, a information centre may endure built to trim back security related risks.
Graceful Degradation
Machines in addition to systems that are designed to continue working amongst express functionality when they are damaged or lose resources such equally an network connection. Important to the security of equipment such equally aircraft.
Infrastructure
Infrastructure such equally computing, network in addition to communication equipment may endure used to trim back work organisation risks. For example, equipment that is designed to handgrip security threats such equally denial of service attacks.
Measure & Reduce
The start out pace inwards run a endangerment mitigation is typically to uncovering a agency to mensurate a risk. Once a framework for measuring risks is inwards place, work organisation strategies in addition to hateful solar daytime to hateful solar daytime operations tin piece of work to trim back risk. For example, measurements of fiscal run a endangerment such equally value at run a endangerment tin endure used to brand investment choices that trim back risk.
Mistake Proofing
Designing systems, equipment, processes in addition to procedures to trim back risks associated amongst human error. For example, aircraft maintenance tools may endure kept inwards particular cases that teach inwards obvious if a tool is missing. Each maintenance typically involves a cheque to consider that all tools are accounted for to foreclose a forgotten tool from damaging an engine on takeoff.
Redundancy
Redundancy is the do of eliminating unmarried points of failure yesteryear having 2 or to a greater extent than of each critical resource. For example, a companionship amongst 2,000 employees who all piece of work out of a unmarried location mightiness consider having at to the lowest degree 2 geographically distributed offices to mitigate risks such equally an infrastructure failure or a disaster that strikes a location.
Scalability And Capacity
Building plenty capacity in addition to ensuring that you lot tin scale to run into work organisation volumes. For example, hiring plenty client service representatives in addition to thus that you lot cause got ample capacity when an unexpected set out of staff telephone phone inwards sick.
Standards
Establishing standards to guide work organisation practices, determination making in addition to design. For example, a technical security measure tin trim back security risks if applied to all applied scientific discipline projects.
Subject Matter Expert
Influenza A virus subtype H5N1 dependent area affair skillful is an ascendence inwards a detail business, technical or scientific domain. Review of decisions, designs in addition to implementations yesteryear experts tin trim back risks. For example, having a workplace security skillful review your piece of work processes to implement improvements may trim back wellness in addition to security risks.
Testing
Testing such equally production or arrangement testing is a pith run a endangerment mitigation technique. For example, properly testing the character of a arrangement volition trim back the run a endangerment that it volition neglect at launch.
Validation
Validation of information earlier it is accepted yesteryear systems in addition to processes. For example, validating user input inwards an expense management tool may trim back the run a endangerment of accounting errors.
Verification
Verifying information amongst authoritative information sources. For example, verifying the information on a mortgage application may trim back credit risk.
source from: https://simplicable.com/new/risk-mitigation
