Question

Write a summary of actions you will take to mitigate those risks listed in the High Likelihood, High Impact section.  Low impact/low probability – Risks in the bottom left corner are low level, and you can often ignore them. ... High impact/low probability – Risks in the bottom right corner are of high importance if they do occur, but they're very unlikely to happen.

Answer 1

If the risk has high probability of occurrence and has huge potential of impacting the progress of the project, the best strategy is to avoid the risk.For those risks which have high impact but low probability of occurrence, it is better to transfer the risk to a third party ( such as taking insurance), which would provide immunity from the rare instance of high impact in case the adversity happens.

For low impact but high probability risks, the right strategy is to be prepared to minimise the impact of risks through preventive measures, keeping in mind, that the cost of mitigation should always be lower than cost of potential impact. The low impact, low probability risks can be avoided, as they would not cost much in total as they would rarely happen.