risk-reduction

Vocabulary Word

Definition

'Risk-reduction' is about lowering the likelihood of bad things happening. If you're baking a cake and you've never done it before, following a recipe would be your way of reducing the risk of the cake turning out bad.

Examples in Different Contexts

In occupational health, 'risk reduction' strategies aim to protect workers from workplace hazards and injuries. An occupational health specialist might advise, 'Implementing ergonomic workstations and regular safety training are effective risk reduction measures.'

Practice Scenarios

Business

Scenario:

The market volatility has investors nervous about potential losses. We need to reassess our strategies.

Response:

I agree. Maybe we should consider diversifying investments for risk reduction.

Tech

Scenario:

With the increasing number of cyber attacks, we need to fortify our security measures.

Response:

Definitely. Implementing better protocols would be a great step towards risk reduction.