Which term refers to finding ways to minimize the likelihood of a specified outcome and continually examining risks, vulnerabilities, and mitigations?

• A. Risk Mitigation
• B. Risk Management
• C. Risk Transference
• D. Standard

Answer: (B)

Risk management is the ongoing practice of identifying threats, evaluating vulnerabilities, and applying controls to reduce risk, while continually reassessing as conditions change. The description—finding ways to minimize the likelihood of a specified outcome and continually examining risks, vulnerabilities, and mitigations—fits this continuous cycle precisely. Risk mitigation is the set of actions taken to reduce risk and is part of risk management, but it doesn’t by itself describe the entire ongoing process. Risk transference involves shifting risk to another party, such as through insurance, and doesn’t capture the full cycle of assessment and adjustment. A standard is simply a guideline or requirement, not the active process of managing risk.