Learn in the textbookRisk Management and Response Strategies
DefinitionRisk response strategies (リスクの対応策) are the ways of deciding how to handle risks that have been identified and analyzed, and they fall into four types: avoidance, mitigation, acceptance and transfer.
ExplanationThe four differ in whether you remove the cause from the plan, keep the cause but shrink the risk, accept it as it is, or have someone outside carry the loss. For each risk you compare probability and impact with the cost of the measure before choosing, and a single risk may get several responses combined. The chosen responses go into a risk response plan (リスク対応計画), and when a risk materializes you act as that plan says.
AnalogyIf rain threatens an outdoor barbecue, you could move it indoors, put up a tent, decide to carry on with nothing prepared since a little drizzle is fine, or buy insurance that refunds you if it is called off. Which you pick depends on how likely rain is versus the effort and money each option takes.
Memory hookOnly transfer sends the loss outside your own side. The other three stay with you, and three verbs cover them: remove, reduce, retain.