Definition : risk treatment
Process to modify risk.
1. Risk treatment can involve avoiding the risk by deciding not to start or continue with the activity that gives rise to the risk, taking or increasing risk in order to pursue an opportunity, removing the risk source, changing the likelihood, changing the consequences, sharing the risk with another party or parties (including contracts and risk financing), and retaining the risk by informed decision.
2. Risk treatments that deal with negative consequences are sometimes referred to as “risk mitigation”, “risk elimination”, “risk prevention” and “risk reduction” [ISO Guide 73].