Which of the following is NOT one of the four ways to deal with risk?

Mitigation is indeed a valid approach to dealing with risk and is commonly recognized as one of the four strategies used to manage risk. The four strategies typically include avoidance, retention, transfer of risk, and mitigation.

Avoidance involves eliminating the risk altogether by changing plans or not engaging in risky activities. Retention focuses on accepting the risk and managing its consequences, often through self-insurance or setting aside funds to cover potential losses. Transfer of risk refers to shifting the burden of risk to another party, such as through insurance contracts or outsourcing.

Mitigation, on the other hand, encompasses actions taken to reduce the impact or likelihood of a risk, such as implementing safety procedures or conducting regular maintenance. Given this, the correct answer to this question identifies mitigation as a strategic avenue for addressing risk, whereas the other options are indeed recognized methods of managing risk.