The process of identifying, assessing, and managing risks that could impact an organization’s operations, financial performance, or reputation. Risk mitigation strategies can include risk avoidance, risk transfer, risk reduction, and risk acceptance, among others. The goal of risk mitigation is to minimize the impact of potential risks and ensure that an organization can continue to operate effectively even in the face of unexpected challenges. By verifying the identities of their customers and monitoring their transactions for suspicious activity, businesses can reduce their exposure to financial and reputational risk. IDVerifact’s risk mitigation services can also help businesses comply with KYC, KYB, and AML regulations, which can help them avoid costly fines and legal penalties.