What risk management strategy would installing safety equipment fall under?

Installing safety equipment is an example of risk reduction because it directly addresses the potential for harm or loss by decreasing the likelihood of an incident occurring. By implementing safety measures such as alarms, safety guards, protective gear, or other safety devices, an entity actively works to minimize the risk of accidents, injuries, or operational failures. This strategy allows the organization to maintain its operations while making its environment safer for employees and customers.

Risk avoidance would involve not engaging in activities that carry risk, while risk retention means accepting the risk and its consequences without taking action to mitigate it. Risk transference, on the other hand, involves shifting the risk to another party, often through insurance or contracts. These strategies do not involve the proactive measures of enhancing safety and thereby reducing the risk of an incident, which is why the focus on safety equipment categorizes it specifically under risk reduction.