Definition ∞ Risk mitigation controls are specific measures or actions implemented to reduce the likelihood or impact of identified risks. These controls can be procedural, technical, or organizational, designed to prevent adverse events or lessen their consequences. They form a critical part of a comprehensive risk management strategy. Effective controls protect assets, ensure operational continuity, and maintain stakeholder confidence.
Context ∞ In the digital asset sector, risk mitigation controls are essential due to the unique security and regulatory challenges. This includes implementing multi-factor authentication, cold storage solutions for digital assets, smart contract audits, and robust cybersecurity protocols to guard against hacks and exploits. News often covers incidents where inadequate controls led to significant losses, highlighting the continuous need for sophisticated risk mitigation strategies to protect investors and platforms in the volatile crypto market.
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