Classic risk management literature acknowledges four ways of dealing with risk after establishing a risk matrix: Avoid, Reduce, Transfer and Retain or Accept. As it turns out, there are six ways, not just four ways to deal with risk. Two more are Exploit and Ignore. DeLoach points at exploit, while Tomlin (2006) points at Ignore, as I discuss in my later post on The six ways of dealing with Risk. And, ‘Exploit’ also makes into a discussion on risk management as a core competence by Lessard and Lucea (2009).
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