Definition(s)
Risk Management Strategy
Course of action or actions to be taken in order to manage risks.
Sample Usage: Mutual aid agreements are a risk management strategy used by some emergency response authorities to respond to large scale incidents.
Extended Definition: proactive approach to reduce the usually negative impacts of various risks by choosing within a range of options that include complete avoidance of any risk that would cause harm or injury, accepting the risk, controlling the risk by employing risk mitigation options to reduce impacts, or transferring some or all of the risk to another entity based on a set of stated priorities.
Source: DHS Risk Lexicon, U.S. Department of Homeland Security, 2010 Edition. September 2010 Regulatory Guidance