What does risk mitigation aim to do?

Risk mitigation focuses on reducing the severity or impact of identified risks, making the chosen answer correct. This concept involves implementing strategies and measures to manage risks effectively, rather than attempting to eliminate them entirely. By deploying risk mitigation strategies, an organization can lessen the potential negative consequences that could arise if a risk materializes. For instance, measures might include improving security protocols, implementing redundancy systems, or developing a response plan for potential disruptions.

While completely eliminating all risks is an ideal goal, it is often impractical or impossible in real-world scenarios, as some risks are inherent to any system or activity. Mitigating risks effectively balances the need for security and the resources available. Reducing the likelihood of threats materializing is also an essential aspect of risk management, but it does not encapsulate the broader goal of addressing the impact of risks when they occur, which is fundamental to effective risk mitigation. Transferring all risks to a third party can be a strategy used in certain contexts, such as purchasing insurance, but it does not represent the overall aim of risk mitigation, which is to reduce the impact of risks faced by the organization.