Which of the following is NOT one of the four risk management techniques?

Mitigation indeed is often confused with risk management terms, but it is not one of the four primary techniques for managing risk. The standard risk management techniques include reduction, transference, retention, and avoidance.

Reduction involves taking steps to lessen the likelihood or severity of a risk, while transference refers to shifting the risk to another party, such as through insurance. Retention means accepting the risk when the costs of mitigation are higher than the potential loss. Understanding these techniques is crucial for effective risk assessment and management.

While mitigation is essentially a component of reduction, as it involves implementing strategies to minimize risks, it is not categorized as one of the principal risk management techniques in this context. Thus, focusing on the precise definitions and functions of the key techniques clarifies their practical application in managing risks effectively.