The field of Risk Management consists of a group of actions that can be taken to resolve identified risks.
The activities include:
Risk Avoidance: Accomplished by eliminating the source of the risk
Risk Reduction: Characterized by the implementation of actions that lower the risk to the agency
Risk Spreading: Through the distribution of risk across various program areas or activities
Risk Transfer: By the use of insurance to cover costs that would be incurred as the result of a loss
Risk Acceptance: Which is necessarily based on the knowledgeable determination that a risk is best managed by taking no action at all.
