What are the 5 strategies for responding to negative risks?

Five main strategies for responding to negative risks:

1. Avoidance — changing the project plan to completely eliminate the risk.
2. Mitigation — taking measures to reduce the probability or impact of the risk.
3. Transfer — transferring responsibility for the risk to a third party (e.g., insurance or outsourcing).
4. Acceptance — consciously deciding not to take action, accepting possible consequences.
5. Exploitation — usually related to positive risks, but in the context of negative risks, it can mean preparing a response plan in case the risk materializes.

In practice, the first four strategies are most commonly used.