In risk management, what does the term 'mitigation' refer to?

Mitigation in risk management refers to the process of reducing the severity or likelihood of risks associated with a project, operation, or situation. This approach acknowledges that while it might not be feasible to eliminate all risks entirely, effective strategies can be implemented to lessen their impact or probability of occurrence. Mitigation can involve various techniques, such as implementing safety measures, changing processes or practices to reduce risk exposure, or employing technology to monitor and control potential threats.

By focusing on reducing severity or likelihood, organizations can create a more resilient framework to handle risks, allowing them to continue operating effectively even in the face of potential uncertainties. This proactive stance is essential in risk management, as it helps ensure that organizations are better prepared to respond to challenges.