risk-mitigation

Vocabulary Word

Definition

'Risk-mitigation' refers to taking steps to lessen the impact of potential problems. It's like a safety net set up to catch problems before they become disasters.

Examples in Different Contexts

In business continuity planning, 'risk mitigation' involves developing strategies to limit the impact of disruptive events on business operations. A business continuity manager might state, 'Our risk mitigation efforts include creating backup systems and alternative supply chains to maintain operations during disruptions.'

Practice Scenarios

Tech

Scenario:

Last year's data breach was a debacle. We need to focus on preemptive strategies this year to enhance our network security.

Response:

To enhance our security, we should invest in a risk-mitigation plan including intrusion detection systems and routine vulnerability assessments.

Aerospace

Scenario:

When building this new spacecraft, we need to take all potential failures into account. What safety protocols should we prioritize?

Response:

We should consider risk-mitigation strategies like having redundant control systems and detailed failure mode analyses.