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Mitigation in law is the principle that a party who has suffered loss (from a tort or breach of contract) has to take reasonable action to minimize the amount of the ...
Mitigation is the reduction of something harmful that has occurred or the reduction of its harmful effects. It may refer to measures taken to reduce the harmful effects of hazards that remain in potentia , or to manage harmful incidents that have already occurred.
Design a new business process with adequate built-in risk control and containment measures from the start. Periodically re-assess risks that are accepted in ongoing processes as a normal feature of business operations and modify mitigation measures. Transfer risks to an external agency (e.g. an insurance company)
Operational risk management (ORM) is defined as a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk.
Environmental mitigation refers to the process by which measures to avoid, minimise, or compensate for adverse impacts on the environment are applied. [1] In the context of planning processes like Environmental Impact Assessments, this process is often guided by applying conceptual frameworks like the "mitigation hierarchy" or "mitigation sequence". [2]
This can be initiated with the help of active participation by staff members and workers through improvement teams, improvement meetings, opportunities for improvement during internal audits, management review, customer feedback and deciding own goals quantized in terms of business growth, reducing rejections, utilizing the equipment ...
Safety stock is a term used by logisticians to describe a level of extra stock that is maintained to mitigate risk of stockouts (shortfall in raw material or packaging) caused by uncertainties in supply and demand. Adequate safety stock levels permit business operations to proceed according to their plans. [1]
Business continuity planning life cycle. Business continuity may be defined as "the capability of an organization to continue the delivery of products or services at pre-defined acceptable levels following a disruptive incident", [1] and business continuity planning [2] [3] (or business continuity and resiliency planning) is the process of creating systems of prevention and recovery to deal ...