Mitigation in risk management aims to do what?

• A. Reducing the impact by increasing the probability of occurrence
• B. Accepting the risk
• C. Reducing the impact by reducing the probability of its occurrence
• D. Transferring the risk to a third party

Answer: (C)

Mitigation in risk management means taking actions to lower risk exposure by reducing either how likely a risk event is to occur or how severe its consequences would be if it happens. By reducing the probability of occurrence, you also reduce the expected impact, since risk is commonly viewed as the combination of likelihood and impact. So, the statement that mitigation reduces the impact by reducing the probability of its occurrence aligns with this approach—you lessen both the chance of the event and its potential damage when it occurs. Accepting the risk means no mitigation is applied, transferring the risk to a third party is a form of risk transfer, and increasing the probability of occurrence would increase, not reduce, risk.