What are activities designed to minimize risks referred to as?

The correct term for activities designed to minimize risks is referred to as mitigation. Mitigation involves implementing strategies or measures that reduce the likelihood or impact of a potential risk. This can include actions such as enhancing procedures, improving systems, or adopting new technologies aimed at addressing vulnerabilities and ensuring safety or stability.

While reduction also relates to decreasing risks, it is not as precise as mitigation in the context of risk management. Transference involves shifting the risk to another party, often through insurance or contractual agreements, while sharing refers to distributing the risk among multiple parties. These concepts reflect different approaches to handling risk rather than directly addressing the minimization aspect. Mitigation specifically focuses on proactive measures to lessen risks, making it the most fitting term in this context.