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Other International Definitions
Risk treatment can involve:
- avoiding the risk by deciding not to start or continue with the activity that gives rise to the risk;
- taking or increasing risk in order to pursue an opportunity;
- removing the risk source;
- changing the likelihood;
- changing the consequences;
- sharing the risk with another party or parties (including contracts and risk financing) (see Risk Transfer); and
- retaining the risk by informed choice.
Risk treatment can create new risks or modify existing risks.