Risk avoidance is the elimination of hazards, activities and exposures that can negatively affect an organization's assets.
Whereas risk management aims to control the damages and financial consequences of threatening events, risk avoidance seeks to avoid compromising events entirely.
While the complete elimination of all risk is rarely possible, a risk avoidance strategy is designed to deflect as many threats as possible in order to avoid the costly and disruptive consequences of a damaging event. A risk avoidance methodology attempts to minimize vulnerabilities which can pose a threat. Risk avoidance and mitigation can be achieved through policy and procedure, training and education and technology implementations.
See also: risk assessment
Continue Reading About risk avoidance
'risk avoidance' is part of the:
View All Definitions