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What are the 5 types of risk management?


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What are the 5 types of risk management?


1. Risk Avoidance: Risk avoidance is a strategy used to reduce or eliminate the potential for losses by avoiding activities or situations that could lead to them. This strategy is used when the potential losses are too great or the risks are too uncertain to accept.

2. Risk Retention: Risk retention is a risk management strategy in which an organization or individual assumes the risk instead of transferring it to another party. This strategy is often used when the cost of transferring the risk is too high or when the risk is too uncertain to be insured.

3. Risk Spreading: Risk spreading is a risk management strategy in which an organization or individual spreads the risk among multiple parties. This strategy is often used when the potential losses are too great for one party to bear.

4. Loss Prevention and Reduction: Loss prevention and reduction is a risk management strategy in which an organization or individual seeks to minimize the potential for losses by implementing preventive measures and reducing exposure to risk.

5. Transfer through Insurance and Contracts: Transfer through insurance and contracts is a risk management strategy in which an organization or individual transfers the risk to another party through the purchase of insurance or by entering into a contract. This strategy is often used when the potential losses are too great for one party to bear or when the risk is too uncertain to be retained.

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