Risk management / prevention

Risk management

The International Organization for Standardization provides a list in order of preference on how to deal with risk (ISO 31000:2009):

Avoiding the risk by deciding not to start or continue with the activity that gives rise to the risk
Accepting or increasing the risk in order to pursue an opportunity
Removing the risk source
Changing the likelihood
Changing the consequences
Sharing the risk with another party or parties (including contracts and risk ﬁnancing)
Retaining the risk by informed decision

These risk management measures also cover aspects of risk prevention.