A thorough identification of risk will enable all parties to ascertain whether risk mitigating actions should be taken, and if so how. Risk mitigation is an action that is taken to (i) reduce the likelihood of a risk materializing, and (ii) reduce the consequences should that risk materialize. The action taken will vary depending on the risk and the party potentially being impacted by that risk.
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46 See Appendix 4 - Risk Matrix for a sample Risk Matrix used by Partnerships Victoria to identify and manage risk.