How is risk mitigation best defined?

Risk mitigation is best defined as a systematic reduction in the extent of exposure to risk. This involves identifying potential risks within an organization and implementing strategies to lessen their impact or likelihood of occurrence. The goal of risk mitigation is not to eliminate risks completely, as that is often impractical and can lead to unforeseen consequences. Instead, it focuses on managing and reducing the risks to acceptable levels through various measures, such as implementing controls, developing policies, and training employees.

Effective risk mitigation strategies allow an organization to operate smoothly while minimizing the likelihood of adverse effects that could arise from identified risks. This approach supports decision-making and helps maintain the stability and integrity of the organization, making it an essential aspect of risk management practices.