We have to deal with the risks as we cannot reduce them to level zero. Here is how we can do it:
Mitigate: It refers to putting controls in place to review the impact felt by the risk.
Transfer: It is to buy insurance and transfer the losses to the insurance companies by paying a premium.
Avoidance: You could back out a planned activity to avoid the risk.
Deterrence:Put in control to deter the threats like to put on signs.
Acceptance:Sometimes you just accept the risk.