Final answer:
Risk mitigation is the strategy of taking steps to reduce risks and its impacts. It is different from risk avoidance, transference, acceptance, or the less commonly used deterrence.
Step-by-step explanation:
The strategy that is accomplished any time you take steps to reduce risk is Risk mitigation. Risk mitigation involves implementing strategies and tactics to minimize the impact of threats and vulnerabilities that may negatively affect an organization or individual assets. This could include a wide range of activities such as installing security systems, implementing safe workplace practices, or securing data against cyber-attacks.
Risk avoidance involves taking steps to avoid the risk entirely, rather than just reducing its impact. Risk transference shifts the risk to a third party, such as through insurance. Risk acceptance involves acknowledging the risk but not taking active steps to address it. Lastly, risk deterrence is a concept related to deterring or discouraging certain risks from occurring, though this term is less commonly used in formal risk management frameworks.