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What is Risk acceptance
Risk acceptance or risk retention means the fact of accepting the identified risk and not taking any other action in order to reduce the risk because we can accept its impact, the possible consequences - we simply risk it.

Risk Acceptance or Risk Retention is one of the strategies of dealing with risks. Acceptance means that we accept the identified risk. We will not take any action because we can accept its impact and probability - we simply risk it.

When to accept risks?

We choose the strategy of risk acceptance when it turns out to be the most economical option to do nothing about it. That is to say that the risk is either so small or so unlikely that we decide to cope with the consequences in case the incident happens.

What other possibilities of dealing with risks are there?

Besides accepting the risk, we can also decide to:

  • Reduce the risk by taking measures with the aim of eliminating its cause and thus reduce the risk
  • Transfer the risk to some other entity or person
  • Avoid the risk and therefore not to realize your intention
  • It is also possible to share the risk

Related terms and methods:

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Last update: 02.03.2018

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