What is the best way to reduce an anticipated risk on a Project?

Risk management planning needs to be an ongoing effort that cannot stop after a qualitative risk assessment, or a Monte Carlo simulation, or the setting of contingency levels. Risk management includes front-end planning of how major risks will be mitigated and managed once identified. Therefore, risk mitigation strategies and specific action plans should be incorporated in the project execution plan, or risk analyses are just so much wallpaper. Risk mitigation plans should

1.    Characterize the root causes of risks that have been identified and quantified in earlier phases of the risk management process.

2.    Evaluate risk interactions and common causes.

3.    Identify alternative mitigation strategies, methods, and tools for each major risk.

4.    Assess and prioritize mitigation alternatives.

5.    Select and commit the resources required for specific risk mitigation alternatives.

My answer based on your answers is option 3.

you follow the steps : study, plan, the platform!

1. This can be achived by takning the following steps:
2. Identify the risks early on in the project
3. Communicate about the risk and keep monitoring
4. Consider opportunities as well as threats when assessing risks. 
5. Prioritize the risks
6. Fully understand the reason and impact of the risks. ...
7. Develop responses to the risks.

Preliminary Risk Assessment and developing a Mitigation Strategy is key factor.

3/ Reduce the impact and the probability of the risk

My answer is for the third option: Reduce the impact and the probability of the risk

Follow General Instruction as per company standards

Thanks for invitation,

 In a very precise wording:

"Applying "Risk Management System".

Always look for risk mitigation scenarios, which will automatically reduce mainly the impact as well the probability of risk. As a thumb rule you should be able to mitigate the risk at 25% of the cost of risk. Thus financial analysis of risk and it's mitigation process must be considered.

Identify the risks early on in your project.,Communicate about risks,Consider opportunities as well as threats when assessing risks,Fully understand the reason and impact of the risks.

Best way to reduce anticipated risk in a project is to relocate or postpone the project.