What are the major ways to deal with risk in the workplace?

The major ways to deal with risk in the workplace encompass a proactive approach to identifying and managing potential hazards. The correct answer highlights four strategies: tolerating, treating, terminating, or transferring the risk.

Tolerating a risk means accepting it without any action, typically when the potential impact is minimal or the costs to mitigate it are higher than the risk itself. Treating a risk involves implementing measures to reduce its likelihood or impact, such as improving safety protocols or providing training. Terminating the risk means eliminating the source of the risk altogether, for instance, by removing a hazardous material from the workplace. Transferring the risk usually involves sharing the burden, often through insurance or outsourcing certain tasks to third parties, which can help mitigate the impact on the organization.

This framework allows organizations to effectively prioritize risks and choose appropriate strategies based on the context and severity, promoting a safer work environment.