Why is Risk Mitigation Essential for Projects?

Every project requires careful planning, execution, and monitoring

However, no matter how carefully you plan and execute a project, there is always some risk involved

Risk mitigation helps to identify every possible risk and mitigate them

This strategy helps to prioritize risk as per the risk level

These risks go through various stages to prevent risks

The following are the risk mitigation stages

1. Risk identification 2. Risk assessment 3. Risk monitoring 4. Risk reporting 5. Risk review

Risk mitigation helps to integrate data to preserve organizational resources