Risk mitigation refers to the strategies and actions taken to reduce the potential impact of risks on an organization or project. This process involves identifying potential risks, assessing their likelihood and consequences, and implementing measures to minimize their effects. Common techniques include avoiding the risk, transferring it to another party, reducing its impact, or accepting it when necessary. Effective risk mitigation helps organizations maintain stability and achieve their goals by preparing for uncertainties. It often involves creating contingency plans, conducting regular risk assessments, and fostering a culture of awareness among employees. By proactively managing risks, organizations can safeguard their resources and enhance their decision-making processes.