Risk avoidance is a risk management strategy that seeks to eliminate potential hazards, activities, or exposures that pose risks to an organization's assets. It aims to proactively avoid compromising events rather than reactively managing their damages. While completely avoiding all risks is unrealistic, risk avoidance techniques include establishing policies and procedures, training, technology implementations, and discontinuing specific actions or exposures to hazards to deflect threats and minimize vulnerabilities.
Risk avoidance is a risk management strategy that seeks to eliminate potential hazards, activities, or exposures that pose risks to an organization's assets. It aims to proactively avoid compromising events rather than reactively managing their damages. While completely avoiding all risks is unrealistic, risk avoidance techniques include establishing policies and procedures, training, technology implementations, and discontinuing specific actions or exposures to hazards to deflect threats and minimize vulnerabilities.
Risk avoidance is a risk management strategy that seeks to eliminate potential hazards, activities, or exposures that pose risks to an organization's assets. It aims to proactively avoid compromising events rather than reactively managing their damages. While completely avoiding all risks is unrealistic, risk avoidance techniques include establishing policies and procedures, training, technology implementations, and discontinuing specific actions or exposures to hazards to deflect threats and minimize vulnerabilities.
Risk avoidance is a risk management strategy that seeks to eliminate potential hazards, activities, or exposures that pose risks to an organization's assets. It aims to proactively avoid compromising events rather than reactively managing their damages. While completely avoiding all risks is unrealistic, risk avoidance techniques include establishing policies and procedures, training, technology implementations, and discontinuing specific actions or exposures to hazards to deflect threats and minimize vulnerabilities.
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Risk avoidance
Risk avoidance is the elimination of hazards, activities and exposures that
can negatively affect an organization's assets.
Whereas risk management aims to control the damages and financial
consequences of threatening events, risk avoidance seeks to avoid compromising events entirely.
While the complete elimination of all risk is rarely possible, a risk avoidance strategy is designed to deflect as many threats as possible in order to avoid the costly and disruptive consequences of a damaging event. A risk avoidance methodology attempts to minimize vulnerabilities which can pose a threat. Risk avoidance and mitigation can be achieved through policy and procedure, training and education and technology implementations.
Risk avoidance is Technique of risk management that involves (1) taking steps to remove a hazard, (2) engage in alternative activity, or (3) otherwise end a specific exposure. Also called avoidance of risk.
Risk avoidance is a risk treatment that avoids,
sidesteps or discontinues the actions that trigger a particular risk. The following are a few examples:
1. Business Strategy A bank considers expanding its products to include financial derivatives. After completing a business plan, the bank determines that the plan is risky and decides not to pursue the strategy.
2. Investing An investment adviser recommends a stock to a client. The client reads the company's most recent financial report and finds it's a complex business with difficult to understand risk factors and decides against the investment.
3. Health & Safety
A company shuts down a construction site in bad weather to avoid the risk that someone will get hurt.
4. Information Security A retailer discontinues collection of personal data such as customer's ages and telephone numbers to avoid the risk that such data would be stolen in an information security incident.
(Best Practices and Advances in Program Management) Williamson, Brian David - PMI-PBA® Exam Practice Test and Study Guide-Auerbach Publications - CRC Press (2018)
