What is acceptance risk?

Accept risk (risk acceptance) is one of the risk management strategies in a project, where the team or manager consciously decides not to take additional actions to reduce or eliminate a certain risk.

This occurs when:

• the probability of the risk occurring or its impact is considered low or acceptable;
• the cost of preventing the risk exceeds the potential losses;
• the risk cannot be effectively controlled.

Example: if the probability of a delivery delay is insignificant and not critical to the project, the risk can be accepted and preparations can be made for possible consequences without spending resources on its prevention.