04 January 2016

♜Strategic Management: Risk Mitigation (Definitions)

"A planning process to identify, prevent, remove, or reduce risk if it occurs and define actions to limit the severity/impact of a risk, should it occur." (Lynne Hambleton, "Treasure Chest of Six Sigma Growth Methods, Tools, and Best Practices", 2007)

"The act of developing advance plans or taking immediate actions to minimize, or prevent known or unknown events (risks) from adversely impacting a strategy or business objective." (Steven G Haines, "The Product Manager's Desk Reference", 2008)

"A risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a threat. " (Project Management Institute, "The Standard for Portfolio Management" 3rd Ed., 2012)

"Reducing a risk by controlling its likelihood, its cost, or its threats, through the use of security measures designed to provide these controls." (Mark Rhodes-Ousley, "Information Security: The Complete Reference, Second Edition, 2nd Ed.", 2013)

"The process through which decisions are reached and protective measures are implemented for reducing risk to, or maintaining risks within, specified levels." (ISTQB)

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