What is the main purpose of mitigation in risk management?

The primary goal of mitigation in risk management is to reduce the impact or likelihood of a risk occurring. This approach acknowledges that while it may not be possible to eliminate all risks entirely, effective mitigation strategies can significantly lower the chances of a risk materializing and lessen its potential consequences. By implementing preventive measures, such as security protocols, employee training, and technical controls, organizations can manage risks more effectively and protect their assets, reputation, and operations.

The other options present various risk management strategies but do not capture the essence of mitigation as accurately. For instance, the idea of completely eliminating all risks is unrealistic, as some level of risk is inherent in most activities. Transferring risk involves sharing it with third parties, such as through insurance, rather than directly mitigating it. Enhancing awareness of security protocols is more about education and informing stakeholders rather than addressing risk reduction directly.