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Risk Mitigation

Risk mitigation is a strategic set of measures used to help reduce an individual’s or business’s risk. These risks can range from issues such as legal liabilities to credit or financial concerns. Most individuals don’t have a specific risk mitigation strategy in place, but most businesses have very complex plans and procedures to minimize their risks in any number of situations. Ideally, these plans help to prevent undesirable situations altogether, but in the event of misfortune, risk mitigation strategies work to reduce negative consequences.