Which risk management strategy involves improving processes to reduce the impact of risks?

The strategy that focuses on improving processes to reduce the impact of risks is mitigation. Mitigation involves taking proactive steps to lessen the severity of risks that could potentially impact a project. This might include implementing better training for team members, enhancing technology, or refining workflows to address weaknesses that could lead to risk events.

By adopting a mitigation approach, project managers work to minimize the chances that risks will emerge or reduce their effects if they do occur. This strategy demonstrates an understanding that while risks cannot always be avoided, their negative consequences can be significantly lowered through careful planning and process adjustments.

In contrast, other strategies like acceptance involve acknowledging the risk without attempting to change it, transfer focuses on shifting the risk to another party (such as through insurance), and avoidance entails eliminating the risk entirely by changing project plans or scope.