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Topics: Information Technology, New Practitioners, Risk Management
What are the most commonly used risk mitigation strategies?
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What are the most commonly used risk mitigation strategies? What is your preferred strategy and why?
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From my point of view, most risk mitigation is done by altering processes. This usually invovles additional project work: tailoring, documentation, validation, ....

The question then becomes whether the mitigation effort is work the reduction in risk impact or likelihood.
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1 reply by Anupam
Oct 21, 2016 7:17 AM
Anupam
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Thanks Stephane
Network:4608
Oct 20, 2016 8:24 AM
Replying to Stéphane Parent
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From my point of view, most risk mitigation is done by altering processes. This usually invovles additional project work: tailoring, documentation, validation, ....

The question then becomes whether the mitigation effort is work the reduction in risk impact or likelihood.
Thanks Stephane
Whether you call it Mitigate, Control, or Limit (or something else), the most common approach to managing risk (according to what I've read) is to take action that reduces or eliminates the potential impact to the project. My (limited) experience, however, is that most companies ignore risk management, or give it very little attention, outside of the financial industry. It may be talked about, and low hanging fruit may be addressed, but it does not seem to be adopted as a rigorous discipline.

My favorite approach to managing risk? I don't have a favorite. If it costs more to resolve a risk than to Accept it, there is nothing wrong with accepting it. The same goes for Avoiding and Transferring.
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1 reply by Anupam
Oct 21, 2016 12:01 PM
Anupam
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Thanks Aaron
Network:4608
Oct 21, 2016 11:18 AM
Replying to Aaron Porter
...
Whether you call it Mitigate, Control, or Limit (or something else), the most common approach to managing risk (according to what I've read) is to take action that reduces or eliminates the potential impact to the project. My (limited) experience, however, is that most companies ignore risk management, or give it very little attention, outside of the financial industry. It may be talked about, and low hanging fruit may be addressed, but it does not seem to be adopted as a rigorous discipline.

My favorite approach to managing risk? I don't have a favorite. If it costs more to resolve a risk than to Accept it, there is nothing wrong with accepting it. The same goes for Avoiding and Transferring.
Thanks Aaron

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