The third step in the risk management is risk mitigation or risk control. After assessing the risk in your project you must control them. In order to control the risks you can use following options.
Mitigation: In mitigation we take preventive measures to reduce the likelihood of the risk or to reduce the impact of the risk in case it occurs.
Contingency: In case if the risk becomes an outcome the we have contingency plan to reduce the impact of the risk.
Transferring to another party: In this case we transfer the risk to third party who will accept the consequences of risk if it occurs.
Lastly, you can also have a plan to accept the risk and the consequences in case the risk occurs.
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