What is the objective of risk mitigation?

The objective of risk mitigation is fundamentally about reducing the likelihood or impact of risks. This involves implementing strategies and measures that can either lower the probability of risks occurring or minimize their effects should they occur. Effective risk mitigation enables organizations to manage potential threats to their operations, projects, or strategic goals, thereby ensuring a more stable environment in which they can operate and succeed.

While increasing operational efficiency, identifying new opportunities, and enhancing asset value are important goals within a business context, they do not specifically define the core purpose of risk mitigation. Instead, these goals can be seen as potential outcomes or benefits that may arise as a result of effective risk management strategies. By focusing on the identification and reduction of risks, organizations can create a safer and more resilient operational landscape which, in turn, supports broader organizational objectives.