Definition - What does Risk Avoidance mean?
Risk avoidance is an area of risk management where the goal is to eliminate a risk and not just reduce it. Rather than mitigating existing risk, it aims to eliminate the source of the risk altogether, sometimes replacing it with a smaller, more easily manageable risk.
Insuranceopedia explains Risk Avoidance
If a workplace has equipment that exposes workers to risks, one risk management strategy is to ensure safe work procedures or provide protective equipment to the workers. A risk avoidance strategy would, instead, eliminate the risk by removing the equipment and replacing it with a safer alternative. A soap manufacturer, for instance, could cease using harmful chemicals like parabens and use a safer, organic alternative to protect their workers and their consumers.
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