Risk treatment

Process of developing, selecting and implementing controls.

Note 1: Risk treatment can involve: avoiding the risk by deciding not to start or continue with the activity that gives rise to the risk; seeking an opportunity by deciding to start or continue with an activity likely to create or enhance the risk; removing the source of the risk; changing the nature and magnitude of likelihood; changing the consequences; sharing the risk with another party or parties; and retaining the risk by choice.
Note 2: Risk treatments that deal with negative consequences are sometimes referred to as risk mitigation, risk elimination, risk prevention, risk reduction, risk repression and risk correction.

Source : BS31100:2008 [ISO Guide 73]