Risk Acceptance is a risk response strategy that involves acknowledging the risk and taking no action unless it occurs. Acceptance of the risk’s implication(s) usually means using schedule and/or cost reserves and accepting scope and/or quality reduction(s).
It is applied when a risk is deemed tolerable, unavoidable, or not cost-effective to address through other strategies, and it requires monitoring and readiness to respond if the risk materializes.
Key Characteristics
- Passive or Active – May involve no action or preparation of reserves and fallback plans
- Cost-Conscious – Chosen when response costs outweigh potential impact
- Tolerance-Based – Depends on organizational or stakeholder risk appetite
- Does Not Reduce Probability – Focuses on response readiness, not prevention
Example Scenarios
- Choosing not to insure against minor equipment damage due to low replacement cost
- Accepting schedule slippage risk for a low-impact task with ample float
- Maintaining contingency reserves in case of vendor delivery delays
Role in Risk Management
- Enables Prioritization – Frees focus for higher-impact risks
- Supports Reserve Planning – Ties directly to use of contingency or management reserves
- Allows Flexibility – Suitable for low-likelihood or low-impact risks
- Requires Monitoring – Tracked as part of ongoing risk review processes
See also: Risk Avoidance, Risk Enhancement, Risk Exploiting, Risk Mitigation, Risk Sharing, Risk Transference.