Method | Procedure | Advantages | Disadvantages |
---|---|---|---|
Avoid | Reduces or eliminates event occurrence (likelihood). Removes cause. | Prevention is better than cure. | Some events unavoidable or beyond control. |
Mitigate | Reduces consequence. | Focus on specific effects. Treat effects of unprevented & unpreventable events. | Treats symptoms not causes. Effects can be difficult, costly or even impossible to reduce. Usually is residual impact. |
Offset | Loss of one set of resources is treated by investing in another set preferably similar in nature & extent. | Can be appropriate when avoidance & mitigation fail. Can rescue resources that otherwise would be lost without the offset intervention. | Needs economies of scale & costly even non-feasible if replacement resources in many isolated small patches. Original resource is still lost. |
Transfer | Responsibility for threat control formally passed from one role player to another. | Enables the role player most exposed to threat, or most liable to cause impact, to undertake control. Clarifies responsibility & helps avoid control 'falling between the cracks'. | Requires thorough threat identification & prioritization. |
Insure | Spreads cost consequence of low likelihood threats to other agencies. | Can be used to fund mitigation, especially big losses to third parties. | Does not avoid events, important in possible irreversible loss of indispensable natural capital. Might reduce incentive to implement precautionary measures. |
Accept | Apply no control, usually to low threats. | Cost-effective. Avoids promising to apply unaffordable control. | Danger of irresponsible, negligent & uncaring reputation. Requires carefully worked out project appetite for threat. |
Prepare | Structure organization to be resilient. Readiness for emergencies & capacity to control eventuating accepted threats, & unpreventable & unanticipated events. | Stay functional, protect people & assets in face of adversity. | Extra effort and expense in emergency drills, what-if & scenario analyses. |