What are the major ways to deal with risk in the workplace?

Dealing with risk in the workplace effectively involves a proactive and strategic approach. The correct choice outlines a comprehensive risk management strategy consisting of four primary actions: tolerate, treat, terminate, or transfer the risk.

• Tolerating risk means accepting it when the potential consequences are minor or when the cost of mitigation outweighs the benefits.

• Treating risk involves implementing measures to minimize it, such as training, safety protocols, and engineering controls, ensuring a safer work environment.

• Terminating risk refers to eliminating the risk altogether, which might involve changing processes, discontinuing certain activities, or substituting hazardous materials with safer alternatives.

• Transferring risk entails shifting the responsibility to another party, often through insurance or third-party contracts, thereby protecting the organization from potential financial losses associated with the risk.

This multifaceted approach allows organizations to manage their risks in a structured way, ensuring that they not only comply with regulations but actively promote a safer workplace culture. The other options lack the depth and effectiveness that this strategy offers, as they do not represent comprehensive or sustainable solutions for workplace risk management.