What risk strategy focuses on reducing exposure to or the effects of risk factors?

The focus of the selected answer lies in the active steps taken to lessen the potential impact or likelihood of risk factors. Risk mitigation involves implementing strategies and measures designed to reduce the exposure to risks or to diminish their potential consequences on an organization or system. This can include actions such as applying security controls, conducting regular risk assessments, and developing contingency plans.

In contrast, risk transference shifts the responsibility or consequences of a risk to another party, typically through contracts or insurance. Risk avoidance entails eliminating the risk altogether by avoiding the activities that create it, which doesn't focus on reducing exposure or effects but rather on removing them completely. Risk acceptance recognizes the presence of risk but involves an informed decision to accept it without active measures to reduce it. Each of these approaches serves a distinct purpose within a comprehensive risk management strategy, but the emphasis on reducing exposure and effects is the hallmark of risk mitigation.