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: