Which risk management strategy requires careful evaluation of the costs of loss, the mitigation strategy, and the benefits gained from the operation or activity that is at risk?

Which risk management strategy requires careful evaluation of the costs of loss, the mitigation strategy, and the benefits gained from the operation or activity that is at risk?

• risk avoidance
• risk transfer
• risk reduction
• risk acceptance

Explanation: Risk reduction strategy reduces exposure to risk or reduces the impact of risk by taking action to decrease the risk. It is the most commonly used risk mitigation strategy. This strategy requires careful evaluation of the costs of loss, the mitigation strategy, and the benefits gained from the operation or activity that is at risk.

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