Which strategy is NOT typically used for managing risk?

Ignoring potential hazards is not a strategy used for managing risk because it fails to address the reality of potential threats and vulnerabilities that an organization may face. Effective risk management involves recognizing, assessing, and taking proactive measures to mitigate risks.

Taking out insurance, installing security systems, and introducing safety procedures are all proactive strategies aimed at minimizing the impact of risks. Insurance provides financial protection against various risks, security systems help safeguard assets, and safety procedures ensure workplace safety and compliance with regulations. Engaging in risk management requires an active approach, while ignoring risks can lead to greater vulnerabilities and potential losses. Thus, by intentionally neglecting to acknowledge hazards, an organization places itself at significant risk.