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Risk mitigation in the context of business and risk management refers to the proactive process of identifying, assessing, and prioritizing risks, followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events. It is a critical component of financial risk management, which focuses on managing risks that can impact a company's financial health and stability. Effective risk mitigation strategies help organizations protect their assets, reputation, and financial well-being while enabling them to seize opportunities with confidence.