What is a fundamental aspect of a risk mitigation plan?

A fundamental aspect of a risk mitigation plan is implementing controls to manage identified risks. This process involves recognizing potential risks that could impact the organization and developing strategies to either reduce the likelihood of those risks occurring or minimize their impact should they occur.

Effective controls can take many forms, including preventive measures designed to limit risk exposure, detective measures that identify risks and issues as they arise, and responsive measures that enable a swift reaction to mitigate impacts when risks materialize. By focusing on managing and controlling risks, organizations can safeguard their assets, enhance operational efficiency, and achieve their objectives more reliably.

The other options indicate approaches that are not effective risk mitigation strategies. Reducing market share does not directly address risks but instead may create further vulnerabilities. Transferring all risk externally is not practical as some level of risk retention is inevitable, and eliminating employee responsibilities undermines workforce engagement and accountability, which are crucial for effective risk management.