When developing a risk response, the risk is termed as <u>Transferring</u> when it is transferred to a different party rather than changed.
Responding to hazards entails developing alternatives and strategies for reducing undesirable risks and enhancing desirable ones. Two essential components are response plans and contingency planning.
Three Steps to Risk Response development are:
The first step is: Prevent.
When you choose to avoid risk, all possibility that it may hurt your company is completely erased.
The second: is a risk reduction strategy.
If the danger is just a little bit higher than your tolerance and degree of hunger, the reduction is an excellent strategy for bringing it within acceptable ranges.
The third: is a Risk management strategy
instead of eliminating or lowering the possibility that it will happen, transfers, delegates, or distributes the responsibility of the risk to a third party.
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