In terms of risk management, what is the objective of a risk mitigation strategy?

The objective of a risk mitigation strategy is to reduce, monitor, and control risks to acceptable levels. This approach acknowledges that while it may not be feasible to eliminate all risks entirely, effective risk management involves identifying potential risks and taking proactive steps to minimize their impact. Mitigation strategies often encompass a variety of actions, such as implementing security controls, conducting regular assessments, and engaging in continuous monitoring to ensure that risks are kept within predefined thresholds that align with the organization's risk appetite and strategic goals.

This process ensures that the organization can operate effectively while managing potential threats to its assets and operations, demonstrating a balanced approach to risk management. By focusing on reducing risks rather than attempting to eliminate them outright, organizations can achieve a sustainable risk management framework that supports their objectives.