What does the risk management strategy 'reduce' refer to?

The concept of 'reduce' in risk management refers to the implementation of measures that aim to limit the potential impact of a risk. This approach involves actively identifying risks and then developing strategies to minimize their likelihood of occurrence or their effect, should they happen. For example, an organization might invest in additional training for staff to enhance their skills and thus reduce the risk of human error in a software development project. By taking proactive steps to limit the risk's potential impact, the organization can better protect its assets and ensure smoother operations.

In contrast, other strategies like assigning responsibility for risks, avoiding them altogether, or accepting them do not fall under the 'reduce' category. Rather, these strategies focus on different ways to manage risks without necessarily addressing their impact directly.