Risk assessment is a foundational step within the risk management process-not an alternative to managing risk. Alternatives to optimize risk management include:
Risk avoidance: eliminating the activity causing the risk
Risk transfer: shifting the risk to another party (e.g., through insurance) Risk spreading: distributing the risk to reduce overall impact Risk assessment, in contrast, is the evaluation of threats and vulnerabilities and precedes these treatment decisions.
References from PSP: Risk Treatment Options - ASIS POA; PSP Study Guide - Risk Management and Analysis

Hold harmless clauses are contractual provisions that attempt to shift liability from one party to another- typically from the hiring organization to the contractor. However, under the principle of non-delegable duty, courts often do not honor these clauses when essential legal responsibilities (like ensuring public safety) are involved. This reinforces that certain legal obligations cannot be waived or outsourced.
Options A and B are not recognized legal phrases.
References:
PSP Study Guide - Risk Transfer and Contractual Liability
ASIS POA Manual - Legal Considerations in Contract Security

Risk transfer involves shifting the financial impact of a risk to a third party, such as through an insurance policy. By purchasing insurance, the organization transfers the monetary burden of certain events (e.g., theft, damage, liability) to the insurer.
A (Avoidance) means eliminating the risk entirely.
C (Reduction) involves lowering the likelihood or impact.
D (Spreading) divides the risk among multiple entities, not full transfer.
References:
PSP Study Guide - Risk Management Strategies
POA Manual - Insurance and Risk Transfer Models