ISO 31,000 recommends that once risks have been identified and assessed, risk management approaches be implemented. Choose one of the four categories into which these techniques can be classified. Explain your chosen category and you can provide an example.
Possible answers:
Risk Avoidance - risk avoidance includes engaging in an activity that may be risky. For example, not purchasing a building or business in order to avoid the legal responsibility that comes with it. But avoiding hazards or risks implies foregoing the possible advantage that accepting the risk would have provided. Not starting a laundry business so you can prevent the possibility or risk of loss also eliminates the chance of profit or generating profit through that laundry business.
