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Under the following scenarios would it be most acceptable for an organization to pursue a risk acceptance strategy : The likelihood of a risk is extremely low and the impact is extremely high.
Accepting risk, also known as risk acceptance, occurs when a company or individual recognizes that the possible loss from a risk is insufficient to justify spending money to avoid it. Risk-retention, also known as "risk retention," is a type of risk management that is frequently found in the business or investment fields.
Risk acceptance is concerned with communicating residual risks to decision-makers. Once acknowledged, residual risks are regarded as risks that the organization's management knowingly accepts. One of the important parameter of the Risk Management process is the level and scope of accepted risks.
The following are the four primary risk management strategies or risk treatment options:
Risk acceptance.
Risk transference.
Risk avoidance.
Risk reduction.
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