Risk _____ refers to reducing the impact of a risk event by reducing the probability of its occurrence

The term you are looking for is "Risk Mitigation."

Explanation:

Risk mitigation is a fundamental concept in risk management that aims to minimize the potential negative effects of risk events on an organization or project. It involves implementing strategies to either reduce the likelihood that a risk will happen or lessen its impact if it does occur.

1. Identify Risks: The first step in risk mitigation is to identify potential risks that could affect the project or objectives.

2. Assess Risks: Once risks are identified, they are assessed based on their likelihood and impact, helping prioritize which risks need mitigation.

3. Develop Mitigation Strategies: This could involve changing plans, adopting new protective measures, or delving into insurance or contingency planning to lessen potential impacts.

4. Implement Strategies: After formulating strategies, these plans should be put into action, utilizing resources efficiently to prevent risks from occurring or to lessen their consequences.

5. Monitor and Review: Continuous monitoring and reviewing of risks is crucial, as it allows for adjustment of strategies according to changes in risk profiles or project scope.

By proactively addressing risks through mitigation, organizations can safeguard their interests, ensuring smoother operations and greater chances of achieving their objectives.