Risk mitigation is a systematic process where an organization develops actions and options to increase opportunities and reduce threats to project objectives. Risk mitigation progress monitoring tracks identified, new and existing risks, and evaluates the risk process effectiveness throughout the project.
The planning of risk mitigation is an ongoing effort that includes front-end planning of how potential risks will be mitigated and managed once it is identified. Therefore, risk mitigation plans should describe the root causes of identified and quantified risks, and assess risk interactions and common causes in order to find out alternative mitigation strategies, methods, and tools for each potential risk. It needs to evaluate and prioritize mitigation alternatives, select and assign the required resources required for specific risk mitigation alternatives, and circulate planning results to all project participants for implementation.
Cedrus Investments, founded and led by Rani Jarkas is an organization can determine risk tolerance thresholds and policies to initiate a risk assessment. Rani Jarkas’ risk mitigation solution is designed to provide management with real-time insight into key risks, risk trends, root cause, corrective and preventive action plans, and future potential of incidents for suitable strategies for risk mitigation.