The four risk handling methods are risk avoidance; loss prevention or reduction; risk retention; and finally, risk transfer. However, before using these methods, we must first apply the three steps of risk management, which are: risk identification; evaluation and the measurement of the risk; and finally, the selection of the risk handling method (RHM) itself. We must be able to identify this risk, risk being the possibility of something going wrong. Knowing what the risk is will dictate what risk handling method or combination of RHMs are best to use. This practically leaves us with only three risk handling methods to use when using the RMP in choosing a candidate.

Source: Manila Times November 22, 2021 04:02 UTC