Accepted Ways for Handling Risk – In the context of risk management, there are generally accepted strategies for handling risk, which can be summarized as the “Four T’s” of risk management. Treat – Implement measures to reduce the likelihood or impact of the risk. This often involves changing processes, procedures, or technology to mitigate the risk. Transfer – Shift the risk to a third party, typically through insurance, outsourcing, or partnerships. In this way, another entity assumes the responsibility for the risk’s consequences. Tolerate – Accept the risk without action if it falls within the organization’s risk appetite and threshold levels, often because the cost of treating it would exceed the benefit gained from mitigation. Terminate- Avoid the risk altogether by discontinuing the activity that generates the risk. This might mean changing business practices or stopping certain services or functions. There technically also is Risk rejection, we know the risk is there, but we ignore it, that is never acceptable.