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Service Information
Risk Mitigation refers to the process of identifying potential risks in a project or operation, analyzing them, and implementing proactive measures to reduce the likelihood of their occurrence or minimize their impact.
It is a key component of risk management, aiming to protect project objectives, timelines, and resources.
Common Risk Mitigation Strategies:
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Design modifications to eliminate vulnerabilities.
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Choosing reliable suppliers and contractors.
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Applying insurance and warranties.
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Providing proper staff training and supervision.
Governance, Risk, and Compliance (GRC) is a structured way to align IT with business goals while managing risks and meeting all industry and government regulations. It includes tools and processes to unify an organization's governance and risk management with its technological innovation and adoption.
Risk management is the process of identifying, assessing and controlling financial, legal, strategic and security risks to an organization's capital and earnings.
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