What is risk mitigation initiative in SAP EPM-SM - Strategy Management?

SAP Term: risk mitigation initiative

• Component: EPM-SM

• Component Name: Strategy Management

• Description: A type of initiative that reduces pending risk.

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• Key Concepts: 
  Risk mitigation initiative is a feature of SAP EPM-SM Strategy Management that helps organizations identify, assess, and manage risks associated with their strategic objectives. It enables organizations to develop strategies to reduce the likelihood of risks occurring and to minimize the impact of risks that do occur.
  
  How to use it: 
  To use the risk mitigation initiative feature, organizations must first identify the risks associated with their strategic objectives. This can be done by conducting a risk assessment or by using a risk management tool. Once the risks have been identified, organizations can then develop strategies to reduce the likelihood of these risks occurring and to minimize the impact of those that do occur. Strategies may include implementing controls, developing contingency plans, or allocating resources to address the risks.
  
  Tips & Tricks: 
  When developing strategies for risk mitigation, it is important to consider both short-term and long-term solutions. Short-term solutions may include implementing controls or allocating resources, while long-term solutions may include developing contingency plans or investing in new technology. Additionally, it is important to ensure that all stakeholders are involved in the process and that they understand their roles and responsibilities in mitigating risks.
  
  Related Information: 
  Risk mitigation initiatives are closely related to other risk management processes such as risk assessment, risk control, and risk monitoring. Additionally, they are often used in conjunction with other strategic planning processes such as goal setting and performance measurement.