What is Risk ?

Risk is an uncertain future event or condition that, if it occurs, has a negative impact on a project’s objectives. Project Risk is always in the future.
Issue: A risk that has become a reality due to an event called a trigger occurring in real time. Issues must be resolved or their impact to the project will be fully realized.

What is Risk Mitigation ?

Risk mitigation refers to minimizing risks once they arise. In other words, risk mitigation is a form of damage control. While the focus of risk mitigation is on actions to be taken after the risk materializes, a company’s risk mitigation should be planned out in advance, put into writing and made known to the key people within an organization.

Risk mitigation involves two steps:

• Identifying the various activities, or steps, to reduce the probability and/or impact of an adverse risk.

• Creation of a Contingency Plan to deal with the risk should it occur.

Taking early steps to reduce the probability of an adverse risk occurring may be more effective and less costly than repairing the damage after a risk has occurred. However,some risk mitigation options may simply be too costly in time or money to consider.

What is Contingency Planning ?

Contingency planning is having a back-up plan in the event that a risk arises and undoes an assumption upon which the original plan was based. For example, a company might assume that a new product it is developing will face no serious competition for five years. If a strong competitor emerges after only a few months, the company may need to pursue a new strategy, focusing more on competitive positioning than on growing the market for its product.
Pre-defined action plan that is implemented if an identified risk occurs.

For Reference :
Risk Mitigation VS Contingency Plan
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