Risk mitigation strategies include preventive controls to reduce probability, detective controls to identify occurrences quickly, corrective controls to minimize impact, and contingency plans for response. Organizations select strategies based on cost-benefit analysis, technical feasibility, and strategic priorities, choosing between mitigation, transfer, acceptance, or avoidance. Effective strategies assign clear ownership, timelines, resources, and success metrics. A manufacturing firm facing supply chain disruption risk might implement a multi-sourcing strategy, maintain safety stock, establish supplier performance monitoring, negotiate flexible contracts, and develop alternative logistics routes—creating layered defenses that collectively reduce residual risk to acceptable levels.