In which risk management strategy does a party take full responsibility for consequences and enter into an activity in spite of known risks?

retention risk management strategy

Explanation:

Retention risk management strategy -

It is the risk management method, where the company or the organisation undergoing the risk tries to absorb the potential loss instead of transferring the risk to the other party like the insurer, is referred to as retention risk management strategy.

It is the assumption of the risk of any damage or loss.

It determines as by what means the business, handles the risk.

Hence, from the given information of the question,

The correct term is retention risk management strategy.