Risk management techniques include insuring, transferring, accepting, and __________.

Among the risk management techniques listed, avoiding risks is a fundamental strategy. It encompasses taking proactive steps to eliminate or circumvent risks that could potentially impact an organization. By avoiding a risk, a company deliberately chooses not to engage in activities that could lead to negative outcomes, effectively reducing the possibility of undesirable events occurring.

For instance, if a cannabis business identifies a specific market segment that poses significant regulatory risks or ethical concerns, it might decide not to pursue opportunities in that segment altogether. This could involve excluding certain products or services from their portfolio that are deemed too risky.

In contrast, the other terms associated with risk management, such as prioritizing, mitigating, and eliminating, although relevant, do not embody the same concept as avoiding. Prioritizing involves assessing risks to determine their significance, while mitigating focuses on reducing the impact or likelihood of risks rather than fully avoiding them. Eliminating, while seemingly related, may not always be practical, as some risks cannot be entirely removed. Thus, avoiding provides a distinct approach by steering clear of the risk entirely, which is crucial in comprehensive risk management strategies.