6+1 Risk Management Strategies... in 60 seconds

The video tutorial discusses seven approaches to managing risk: eliminating risk entirely, reducing the likelihood of risk, mitigating the impact of risk, transferring risk to another party, having a contingency plan, accepting risk, and escalating risk to senior management. Each approach offers a different strategy for handling potential risks in various scenarios.

Describe the importance of having a contingency plan in risk management.

What is the seventh approach to risk management mentioned in the text?