MHA Consulting

FEBRUARY 15, 2024

An RMIS can help an organization identify, assess, monitor, and mitigate risks, but often they merely seduce and distract companies that are not in a position to make proper use of them. RMIS supports the development and implementation of risk mitigation strategies to reduce the likelihood or impact of identified risks.

BCM 81

BCM Risk Management Mitigation Business Continuity 81

MHA Consulting

MARCH 2, 2023

Risk limitation. A strategy in which measures are taken to reduce risk, short of completely eliminating it. Incorporates a combination of the strategies of risk avoidance and risk acceptance. Risk transfer. Most organizations use some combination of all of these strategies to manage their risks.

Mitigation 73

Mitigation BCM Acceptable Risk Risk Management 73

MHA Consulting

FEBRUARY 9, 2023

. · Risk avoidance: Altering organizational behavior to eliminate a given risk. Risk limitation: Taking measures to reduce risk, short of completely eliminating it. Incorporates a combination of the strategies of risk avoidance and risk acceptance.

Insurance 84

Insurance Insurance Outsourcing Mitigation 84

MHA Consulting

FEBRUARY 23, 2023

Try a Dose of Risk Management As a business continuity professional, I tip my hat to any organization that makes a serious effort to reduce its risks. Unfortunately, many companies do not get their money’s worth when it comes to implementing risk mitigation controls.

Mitigation 80

Mitigation Authorization Risk Management Vulnerability 80

MHA Consulting

AUGUST 24, 2023

Both terms refer to how much risk management is prepared to accept in pursuit of its objectives. Risk appetite is a broader statement of the level of risk that management deems acceptable. Risk tolerance refers to the specific level of risk the company will accept as it pursues a specific objective.

Risk Management 87

Risk Management BCM Management All-Hazards 87

MHA Consulting

AUGUST 3, 2023

(Sometimes the potential consequences of a given risk are too small to worry about.) Rather, we do it as a starting point for conducting a cost/benefit analysis of each risk and ultimately applying one of the four main risk mitigation strategies: risk acceptance, risk avoidance, risk limitation, or risk transfer.

Risk Management 72

Risk Management Management Strategic Mitigation 72

MHA Consulting

OCTOBER 19, 2022

I included MHA’s definitions of the strategies last time in my post on enterprise risk management. In case you missed it, here they are again: Risk acceptance is a conscious decision to remain vulnerable to a potential harm, usually based on a cost-benefit analysis.

Risk Management 52

Risk Management Management Mitigation Business Continuity 52