What does risk mitigation involve?

Risk mitigation specifically involves the process of identifying potential risks that could negatively affect a project or an organization and then implementing strategies to minimize the impact or likelihood of these risks occurring. This can include a range of activities such as developing contingency plans, allocating resources to manage risks, and continuously monitoring risk factors to adapt strategies as needed. The focus is on proactive measures aimed at protecting the organization or project from uncertainties and potential losses.

While developing new investment opportunities, increasing market share through aggressive marketing, and analyzing competitor strengths and weaknesses are all important business strategies, they do not directly relate to the specific focus on managing and mitigating risks. These activities might help an organization grow or strengthen its competitive position, but they do not directly involve the systematic identification and management of risks to reduce their potential negative effects.