What is defined as strategies and measures implemented to prevent or mitigate losses in risk management?

The term that encompasses strategies and measures specifically aimed at preventing or mitigating losses within the context of risk management is loss control. This concept involves identifying potential risks and implementing interventions designed to either reduce the likelihood of those risks occurring or to lessen the impact if they do occur.

Loss control may include a wide range of activities, such as safety training for employees, regular maintenance of equipment, the installation of security systems, and the use of insurance policies to allocate financial risk. These activities are integral to an organization’s overall risk management strategy because they proactively address risks rather than simply reacting to losses after they happen.

While other terms like loss avoidance or loss prevention are closely related, they do not encompass the complete scope of strategies that loss control involves. Loss avoidance refers to eliminating a risk entirely, and loss prevention focuses solely on measures specifically designed to prevent occurrences of loss, but loss control captures both preventing losses and reducing their impact, making it the most comprehensive choice in this context.