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Risk treatment is the process of selecting and implementing measures to modify the risk. As a minimum an effective risk system should provide effective and efficient operation of the organisation, effective internal controls, and compliance with laws and regulations. Insurance is one way to treat risk; what other treatments are possible and on what basis should treatments be selected? |
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Risk treatment is the selection and implementation of appropriate options for dealing with risks. Treatments may include:
In my view, it is more often the case that a number of mitigation techniques are required rather than selecting just one. For example, it may be possible to first reduce the probability of the risk occuring and then insure (transfer) against the residual risks financial impact. |
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