The term for a strategy designed to address identified risks is known as a risk response plan. This plan outlines the specific actions that will be taken to manage or mitigate risks that have been identified during the risk assessment process.
A risk response plan involves selecting appropriate strategies for addressing risks, which may include avoiding the risk, transferring it, mitigating it through specific actions, or accepting it if it falls within the organization's risk tolerance. This proactive approach allows organizations to effectively manage uncertainties and reduce the potential negative impact on project objectives.
Creating a well-structured risk response plan helps clarify who is responsible for implementing each response and establishes a timeline for actions, thus enhancing the organization's overall risk management efforts. This plays a crucial role in ensuring projects remain on track and can adapt to unexpected issues.
While other options may refer to various aspects of risk management, they do not specifically focus on the strategical response to risks, which is why the risk response plan is the most accurate term in this context.