Risk Transference (Risk Sharing)
Shifting the risk from the organization to another party
Contract Indemnity Clause
A contractual agreement where one party agrees to cover the others harm, liability or loss stemming from the contract
Risk Acceptance
Recognizing a risk and choosing to address it when it arises
No action is taken against the risk
Exemption
Provision that grants an exemption from a specific rule or requirement
Exception
Provision that permits a party to bypass a rule or requirement in certain situations
Risk Avoidance
Strategy of altering plans or approaches to completely eliminate a specific risk
Risk Mitigation
Implementing measures to decrease the likelihood or impact of a risk