Flood Risk

Context

Approaches to risk mitigation

The approaches to risk mitigation are [*1]:

  • Removal of risk. This means avoiding the possibility of a risk arising by removing the hazard. (The risk may never be reduced to zero unless the hazard itself is removed).
  • Reduction of risk. Most options will involve risk reduction rather than complete removal. Typical approaches include:
    • reduce the likelihood that the risk is released;
    • reduce the consequences;
    • reduce both the likelihood and the consequences.
  • Contingency planning. Contingency plans are essential where there is a high level of uncertainties and should allow for different responses depending on events in the future that are uncertain at present.
  • Acceptance of risk. A risk is accepted actively if there is a positive decision to allow the risk. Risks may also be accepted passively, either because they have not been identified or no action is taken by default. Passive risk should be minimized, a core aim of the risk management process.           Please note: You have to be careful not to confuse Risk acceptance with acceptable risk .

    • Risk acceptance describes the willingness to tolerate a risk, whereby
    • the acceptable risk refers to the level of loss a society or community considers acceptable given existing social, economic, political, cultural, technical and environmental conditions.
  • Transfer of risk. Risk to individuals is also managed by insurance a form of risk transfer, where the risk is transferred to another party (to insurer).

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Source

FC-UB

References

*1 Mockett and Simm (2002)

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