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That means the likelihood is known as you mentioned (high), so we will assess the other factor the impact, it may be (low, medium, or high). As we all know risk is measured in term of impact and likelihood. So according to the assessment of impact, the appropriate risk response will be identified (transfer, share, avoid, accept).
Further comparisons, analysis, and other techniques will take place to select the best risk response.
When risk is inevitable my approach would be as under :
a) Understand the risk
b) Evaluate the risk
c) Quantify the risk in terms of money, health, time, effort etc
d) Mitigate the risk by minimizing theory.
Risk management is an art as well as science but the resultant is always in commercial terms hence one should understand the risk thoroughly and see the forbearance capacity of self and those attached with him and access it judiciously.
There is no "when". Risk is always inevitable. It is inherent in everything.
Every business faces risks that could present threats to its success.
Risk is defined as the probability of an event and its consequences. Risk management is the practice of using processes, methods and tools for managing these risks.
Risk management focuses on identifying what could go wrong, evaluating which risks should be dealt with and implementing strategies to deal with those risks. Businesses that have identified the risks will be better prepared and have a more cost-effective way of dealing with them.
When risk is inevitable, we can try to mitigate it by careful evaluation. thanks.
To answer this question, we should understand the basic principles of risk assessment (1) Hazard identification (2) Risk Evaluation and (3) Risk control. The risk assessment shall prepare by the team with competent person, they should know in what circumstances this inevitable risk may occurred. Risk can be managed with adequate control measures, reducing the likelihood with additional control measures which results in probability of the hazard may not be occurred in any point of time.
Risk is inevitable otherwise the whole point in doing something will be a non rewarding boring process.To mitigate the risk hedge your part to an average bare minimum but not fully so that when things start to turn south you may fall but you will have the capacity to stand back and face them.
Good Luck
If risk is inevitable then one needs to mitigate it, thus reducing or Transfering some portion to external party to share in the risk hence reducing its total impact on the firm only.
