What are the four main types of risk responses?

1. Avoidance: This involves taking actions to eliminate the risk or remove the root cause of the risk. This may involve changing project plans, processes, or resources to avoid the risk altogether.

2. Mitigation: This involves taking actions to reduce the likelihood or impact of the risk. This may involve implementing controls, contingency plans, or other measures to lessen the potential negative consequences of the risk.

3. Transfer: This involves shifting the risk to another party, such as through insurance, outsourcing, or contracts. By transferring the risk, the responsibility for managing the risk is passed on to another entity.

4. Acceptance: This involves acknowledging the risk and deciding to live with it without taking any specific action to address it. This may be appropriate for risks that have a low likelihood of occurring or a low impact on the project.

1. Avoidance
2. Mitigation
3. Transfer
4. Acceptance