Risk Management Strategies

Now that you have identified the risks critical to your organization, you need to review how they are currently being handled and determine whether your organization needs to do anything else to protect itself or provide for a faster recovery from a disaster.

The four strategies for managing risk are avoidance, transference, correction, and acceptance.

• Avoidance - Eliminate the source of the risk
• Transference - Find another party that will accept the risk
• Correction - Implement controls to reduce the likelihood of the risk occurring or reduce the severity of its impact if it occurs
• Acceptance - Accept the risk