5 Strategies for threats in project risk management

1-Risk buffering (or risk hedging) is the establishment of some reserve or buffer that can absorb the effects of many risks without jeopardizing the project. A contingency is one example of a buffer.
2-Risk avoidance is the elimination or avoidance of some risk, or class of risks, by changing the parameters of the project.
3-Risk control refers to assuming a risk but taking steps to reduce, mitigate, or otherwise manage its impact or likelihood.
4-Risk Transfer and Contracting re is a common adage about risk management that the owner should allocate risks to the parties best able to manage them.
5-Risk Mitigation includes reduction of the likelihood that a risk event will occur and/or reduction of the effect of a risk event if it does occur.

I have read that "Escalate" seems to be a strategy to give the risk to someone else so that it's out of your hands. Sounds innocuously similar to Transfer. If you give the risk to someone , it is still active ....for them....not just for you...

There was a lot of debate inside the group of authors and reviewers of the PMBOK about this topic. People like me do not agree to include escalation as an strategy because escalation belongs to project governance and it is used as an action that could be taken for all project management items inside your projects. When something exceeds the level of decision/resolution of the project team you have to put it under program/portfolio management consideration or under somebody consideration with a higher level of decision/resolution to help you. But the item still remains under your scope of management as project manager. You need to control activities to take an answer. If you read the PMBOK in the risk session that is not what the PMBOK stated. What PMBOK stated is close to say "this risk does not corresponds to me". So, in my personal opinion, that is not a strategy. Is an action to change the state of a indenfied risk.

A description I found for 'escalation' is as follows:
"Risk escalation is used when a project team identifies a risk that does not belong within the scope of their project, because it would not affect any project objective, but it could affect someone else."

Notifying another department about a risk that could affect them is just good business or professional consideration, but I wouldn’t describe it as a ‘risk strategy’.

Thank you Sergio.
Your comment is very clear and agree with your answer.
I think project manager and team will endeavor to identify the risks inside the scope of the project and PM shall put it under program/portfolio management level as you mentioned.
I like your approach.
Joonmin