What are the risk response strategies for negative risks (threats)?

The four strategies for negative risks are avoid, transfer, mitigate, and accept. Avoid eliminates the threat by changing the project plan, such as removing a risky feature from scope. Transfer shifts the impact to a third party, most commonly through insurance, warranties, or outsourcing. Mitigate reduces the probability or impact of the risk, such as adding testing to catch defects early. Accept acknowledges the risk without proactive action, either passively by doing nothing or actively by establishing a contingency reserve.