Risk reduction

{
  "id": "MLC-T-INS-002983",
  "term": "Risk reduction",
  "field": "Insurance and risk management",
  "definition": "Measures taken to decrease the likelihood or severity of a potential loss. This involves implementing controls, safety procedures, or other preventative actions to mitigate the impact of identified risks. Examples include installing sprinkler systems to reduce fire damage or diversifying investments to lessen market volatility.",
  "url": "https://mlchart.com/terminology/insurance/risk-reduction/"
}