1. Acceptance:   Also known as retention, the project manager or organization is willing live with the risk without further mitigation.
2. Avoidance:  The project can avoid the risk by removing whatever requirement caused it to appear.  The risk is sidestepped.
3. Control:  Also called mitigation, this involves recognizing the risk is there and performing actions to minimize it, developing contingency plans in case the risk comes to pass, or developing fall-back provisions.
4. Transfer:   Sharing of the risk with another party, or outright transfer (wouldn't that be nice!)

It is NOT Possible To Eliminate Risk From Our Day To Day Lives!!!!

In addition, when some random risk materializes in our lives,
the harm incurred may not be anyone else's fault