First, we need to know that Risks are either Positives (in this cases, they can be called opportunities) or Negatives.
Risk responses vary according to the risk type, usually trying to make the best benefit of positive risks (opportunities) and eliminate or minimize the impact of negative ones.
Positive Risks Response Strategies:
- Exploit: do everything that can be done to make sure you take advantage of that opportunity.
- Share: calling in another partner to share the benefits of an opportunity.
- Enhance: making the opportunity more probable.
- Accept: an opportunity just happens and all you can do is to accept it.
Negative Risks Response strategies:
- Avoid: take the necessary steps to prevent the risk from happening.
- Mitigate: take actions to minimize the impact of the risk when it happens.
- Transfer: make someone else deal with the risk (ex: insurance).
- Accept: if you can't apply any of the above, you will just have to accept the risk if it happens.
hope this clarifies the topic for you.
