What does a risk mitigation strategy involve?

A risk mitigation strategy specifically focuses on implementing measures designed to reduce or eliminate identified risks. This involves assessing the levels of risk that an organization is willing to accept and determining the appropriate actions to minimize the impact or likelihood of those risks occurring. The goal is to safeguard the organization’s assets, maintain operational integrity, and ensure compliance with relevant regulations.

By actively addressing risks, organizations can employ a variety of approaches such as risk avoidance, risk transference (like insurance), risk acceptance, and risk reduction through controls and safeguards. This process is essential for building a resilient environment capable of withstanding unforeseen challenges.

The other options, while related to risk management, do not encapsulate the essence of a risk mitigation strategy. Identifying potential risks is crucial but it's only one step in the broader risk management framework. Communicating risks to employees is important for ensuring awareness and understanding, but it doesn't directly involve the implementation of measures. Ignoring low-priority risks suggests a lack of proactive management, which contradicts the principles of risk mitigation that advocate addressing risks regardless of their initial assessment.