Unit 9 Assignment 1 Risk Mitigation
Unit 9 Assignment 1: Executive Summary on Risk Mitigation
Risk mitigation measures are introduced with the objective to:
• Eliminate the risk; or
• Mitigate the risk, if elimination is not feasible; or
• Cope with it, if neither elimination nor mitigation is feasible.
The identification of appropriate risk mitigation measures requires a good understanding of the hazard and the factors contributing to its occurrence. For this reason, a risk matrix needs to be completed. Risk mitigation measures may work by reducing the probability of occurrence, or the severity of the consequences, or both. Achieving the desired level of risk reduction may require the implementation of more than one mitigation measure.
The possible approaches to risk mitigation
Risk mitigation measures are introduced with the objective to:
• Eliminate the risk; or
• Mitigate the risk, if elimination is not feasible; or
• Cope with it, if neither elimination nor mitigation is feasible.
The identification of appropriate risk mitigation measures requires a good understanding of the hazard and the factors contributing to its occurrence. For this reason, a risk matrix needs to be completed. Risk mitigation measures may work by reducing the probability of occurrence, or the severity of the consequences, or both. Achieving the desired level of risk reduction may require the implementation of more than one mitigation measure.
The possible approaches to risk mitigation