What is the term for the procedures or systems used to minimize the probability of loss?

The term that refers to the procedures or systems used to minimize the probability of loss is risk management. This concept encompasses a comprehensive approach to identifying, assessing, and prioritizing risks followed by coordinated application of resources to minimize, monitor, and control the probability or impact of unfortunate events.

Risk management involves various strategies including risk avoidance, reduction, sharing, and retention, specifically designed to mitigate financial losses or legal liabilities. It goes beyond simply assessing potential risks and focuses on actively managing and controlling them through policies, regulations, and procedures tailored to specific situations.

While other terms may relate to different aspects of risk or loss, they do not fully encompass the broader strategies and systems involved in systematically addressing and mitigating risks, making risk management the most accurate and encompassing term in this context.