One of my Favourites! First Identify risk, then Analyze, then Respond. 

Top 4 Risk Response Strategies:
  1. Avoid, 
  2. Transfer, 
  3. Mitigate & 
  4. Accept.

See video below for more details:

Remember, too often we think there is a risk and we jump the gun and say you have to mitigate it.  Not a good thing.  First ensure it is even a risk, that is why we spend time within the stages of Identification and Analysis (most of the time things are perceived risks, not true but got people paranoid and scared).  Then the Response stage is critical to maintain a formal approach.  The definitions in the video help with this.

Project Management = Risk Management, we live it every day, so embrace it and integrate it into our systems.