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Risk Mitigation refers to both the proactive and responsive risk management scenarios and approaches. Proactive risk mitigation measures anticipate future potential events and their impact, while responsive measures are characterized by actions taken to reduce an incurred impact. The proactive measures taken to remedy identified, assessed, and prioritized risks during the risk analysis phase. These measures include:

  • Setting mitigation targets
  • Receiving approval for incurred costs
  • Tracking mitigation activities in progress and reporting their statuses
  • Timely closing-out of mitigation processes
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