Risk Mitigation Strategies

Risk mitigation strategies are the action plans we create after making a thorough evaluation of the possible threats, hazards or detriments that can affect a project, a business operation or any form of venture. The purpose of such strategies is to lessen or reduce, if not totally eliminate the adverse impacts of the known or perceived risks inherent in a particular undertaking, even before any damage or disaster takes place.

Best practices require that the known and perceived risks be analyzed according to the degree and likelihood of the adverse results that are anticipated to take place. NFF documents such risks according to their levels of priority in a form known as a risk mitigation plan. NFF then develops and integrates a corresponding risk mitigation strategy, which will be referenced against the previously prepared risk management plan.

Each critical point identified shall have a set of mitigation strategies incorporated in its procedural guidelines. The risk mitigation strategies are contained in a crisis management plan and shall form part of the initial emergency measures to take, in order to contain and prevent the worsening of the damages caused by an accident or catastrophe.

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