Techniques and types of risk management include:
Avoidance – The potential risk or vulnerability is averted by negating the activity or plan that might inflame said risk.
Mitigation – The risk is accepted as necessary but steps are taken to reduce its impact and cause the least damage.
Transfer – Working with a third party, usually an insurance company, the weight of the risk is transferred away from the business at hand.
Acceptance – If the expected profit outweighs the expected risk, the level of risk may simply be accepted as a necessary evil.