Classic risk management literature acknowledges four ways of dealing with risk after establishing a risk matrix:  Avoid, Reduce, Transfer and Retain or Accept. However, as it turns out, there are six ways, not just four ways to deal with risk, as the classic risk matrix indicates.  Two more are Exploit and Ignore. The former stems from Enterprise-wide Risk Management (DeLoach, 2003), while the latter is more of a sidenote in On the Value of Mitigation and Contingency Strategies for Managing Supply Chain Disruption Risks (Tomlin, 2006), but nonetheless an important observation.

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