What term describes the process through which decisions are made to reduce risks?

The term that describes the process through which decisions are made to reduce risks is known as risk mitigation. This involves identifying potential risks, evaluating their impact and likelihood, and implementing strategies or actions to minimize their effects or remove the risks altogether.

Risk mitigation focuses specifically on the actions taken after risks have been identified to reduce the potential impact these risks could have on a project or system. This could include developing contingency plans, allocating resources to address the risks, or changing project plans to avoid the risks entirely. Effective risk mitigation is crucial in ensuring that projects achieve their objectives while maintaining a manageable level of risk.

In contrast, risk analysis refers to the systematic examination of risks, risk assessment involves a broader evaluation that includes identifying and prioritizing risks, and risk control pertains to the ongoing management of risks after they have been identified and assessed. While all these terms are related to risk management, risk mitigation is specifically centered on implementing solutions to lessen or eliminate risks.