Which term describes a practice that aims to reduce risks in an organization?

The term that describes a practice aimed at reducing risks in an organization is risk mitigation. This approach involves identifying potential risks and implementing strategies to minimize their impact on the organization. Risk mitigation can include various strategies, such as implementing security controls, developing incident response plans, and training employees to recognize and react to potential threats. The primary goal of risk mitigation is to proactively address vulnerabilities and protect the organization from potential losses or adverse effects.

In contrast, risk appraisal involves assessing the nature and level of risks, but it does not actively implement solutions to reduce those risks. Risk analysis is the process of identifying and evaluating risks but also does not inherently include the application of strategies to diminish them. Risk acknowledgment refers to recognizing that risks exist, which is a necessary step but does not entail taking action to mitigate those risks. Thus, risk mitigation is specifically focused on the reduction aspect, making it the correct term for the practice mentioned in the question.