Mitigation is the work we must do ahead of time that allows us to carry out our ContingencyPlan if a risk materialises.

For example, if our ContingencyPlan for a fire requires the use of fire-extinguishers, then the mitigation is buying; placing; maintaining; and training in their use.

RiskMitigation can substantially reduce the size of our RiskReserve, but unlike RiskAcceptance, the cost cannot be recovered should the risk not materialise.

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See AnatomyOfRisk and RiskManagement