What are the most commonly used risk mitigation strategies?

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.