Risk prevention - removing this risk entirely. For example, a chapter may decide not to have a loud party because they're aware of heavy crackdowns on noise ordinances in their area. Risk mitigation - reducing the probability in some way. In a risk management world, though, risk retention is something that we can't let happen very often. There is a fourth option, allocation, that helps reduce only the impact of occurrence.
Insurance is a good example of allocation.
We pay premiums so that if we have a fire in the chapter property, we will be able to have enough money to rebuild, for instance. Recognize, however, that the allocation of that risk may cause other risks to occur - such as our insurance premiums rising to levels which we can't afford to pay. Well, obviously, you can email or call the National HQ to get the answer, but a quick first stop ought to be Triangle's site on the World Wide Web. In addition to routine stuff, like forms and information about contacting Triangles who volunteer or work for the Fraternity, you can find lots of interesting bits of history and meaning for Triangle. There are readings on Leadership, Management, Risk Management and lots more, too.