I am not a big fan of the term “mitigation” as the only way for a risk to become a lesser risk. Mitigating a risk is merely one way to “treat” the risk and hence, I recommend using the term “risk treatment” instead.
Of course mitigating an inherent risk so there is less residual risk is one treatment but not the only one. Other treatments include:
- Buying insurance (but you cannot buy insurance for every risk);
- Simply accepting the risk (because it is often prohibitively expensive to treat every risk), and;
- Just stopping whatever is causing the risk in the first place (such as getting out of that line of business).
So don’t let me catch you mitigating all your risk!! Treat them!!