Risk assessment is a foundational step within the risk management process—not an alternative to managing risk. Alternatives to optimize risk management include:
Risk avoidance: eliminating the activity causing the risk
Risk transfer: shifting the risk to another party (e.g., through insurance)
Risk spreading: distributing the risk to reduce overall impact
Risk assessment, in contrast, is the evaluation of threats and vulnerabilities and precedes these treatment decisions.
References from PSP: Risk Treatment Options – ASIS POA; PSP Study Guide – Risk Management and Analysis
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