Which risk management strategy involves the decision to either completely remove the sources of a particular risk or removing the organization or individual, themselves, from the risk?

Question

Business

Aldo Gates

29 October, 13:36

Which risk management strategy involves the decision to either completely remove the sources of a particular risk or removing the organization or individual, themselves, from the risk?

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Answers (1)

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Denzel Woodward · Answer 1

Risk Avoidance

Explanation:

Once a risk is identified, there are several risk management options that can be taken, one of which includes risk avoidance. The management of the organization can decide to avoid the risk completely by eliminating the source of the risk or avoid compromising events completely. For example, a construction company can decide to avoid risk related to health and safety of its employees by closing down a construction site during a bad weather condition.