API 580 Risk Based Inspection Practice Test

What is the goal of risk mitigation?

1. To choose risk communication strategies

2. To select and implement measures to modify risk

3. To identify all possible risks within an organization

4. To assess lifetime expectancy of assets

The correct answer is: To select and implement measures to modify risk

The goal of risk mitigation is fundamentally about selecting and implementing measures to modify risk. This involves identifying potential risks and then taking actions that can either reduce the likelihood of those risks occurring or lessen their impact should they occur. Mitigation strategies might include engineering controls, operational changes, staff training, and maintenance practices, all aimed at minimizing exposure to risks. Choosing risk communication strategies, identifying all possible risks, and assessing the lifetime expectancy of assets are important aspects of risk management but they do not directly encapsulate the essence of mitigation. Communication strategies are about informing relevant stakeholders; identifying risks focuses on awareness rather than action; and assessing asset lifetime expectancy relates more to the maintenance and economic aspect of asset management rather than the proactive efforts to modify risks. Thus, the primary aim of risk mitigation is to actively intervene in the risk process to enhance safety and reliability.