The process of identifying, assessing, and taking steps to reduce or eliminate potential risks and their negative impacts. It involves implementing strategies and measures to minimize the likelihood or severity of adverse events.
The term combines 'risk' from French 'risque' (17th century) meaning danger or hazard, and 'mitigation' from Latin 'mitigatus' meaning to soften or make mild. The phrase gained prominence in business and project management contexts during the mid-20th century as formal risk management practices developed.
Risk mitigation is like wearing a seatbelt - you're not expecting to crash, but you're prepared for the possibility. The concept has evolved from simple insurance practices to sophisticated frameworks used in everything from cybersecurity to climate change adaptation, making it one of the most universally applicable business concepts.
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