INTER MISSION What are three ways to manage risks?

There are several ways to manage risks, but here are three common methods:<br /><br />1. Risk Avoidance: This involves identifying risks and taking steps to avoid them altogether. For example, if a company identifies a risk of losing a large sum of money due to a potential lawsuit, they may choose to avoid the risk by not engaging in the activity that could lead to the lawsuit in the first place.<br />2. Risk Mitigation: This involves taking steps to reduce the likelihood or impact of a risk. For example, a company may implement safety protocols and training programs to reduce the risk of workplace accidents.<br />3. Risk Transfer: This involves transferring the risk to another party, such as an insurance company. For example, a company may purchase insurance coverage to protect against the financial impact of a potential lawsuit or other liability.<br /><br />It's important to note that risk management is an ongoing process, and it's important to regularly assess and update risk management strategies as needed.