“Impact mitigation is directed to ==minimizing the consequences of risks==. Some risks, such as those associated with economic variations or extreme weather conditions, cannot be avoided. The likelihoods of other risks arising may be reduced by risk prevention strategies, but the risks may still occur. In these cases, risk management must be directed to coping with their impacts, and ensuring that adverse consequences for the project and the project criteria are minimized. Impact reduction strategies include: - ==contingency planning==; - engineering and structural barriers; - ==separation or relocation of an activity and resources==; - ==quality assurance==; - contract terms and conditions; - regular audits and checks to detect compliance or information security breaches; - and crisis management and disaster recovery plans. Impact mitigation strategies do not preclude the use of risk prevention responses, and they are commonly used together. For example, escape and evacuation plans are essential in many areas for mitigating the consequences of major fires, but they do not avoid the need for proper prevention measures such as the use of fire retardant materials, sprinkler systems and the like. Insurance is another important impact mitigation strategy that also has characteristics of risk sharing and transfer.” — Project Risk Management Guidelines: Managing Risk in Large Projects and Complex Procurements by Dale F. Cooper, Stephen Grey, et al. https://a.co/9b9ICXF