Which of the following would BEST mitigate an identified risk scenario?

Conducting awareness training is a type of control that can reduce certain risks (e.g., human error), but it is a specific tactic that would be part of a broader risk response plan, not the overarching mitigation itself.

Executing a risk response plan involves the direct implementation of pre-defined strategies, controls, and actions (e.g., avoid, mitigate, transfer, accept) specifically designed to reduce the likelihood or impact of an identified risk scenario. This direct action is the most effective way to address and lessen the severity of the risk.

Establishing an organization's risk tolerance defines the acceptable level of risk, which guides the decision-making process for risk responses, but it does not actively mitigate the risk itself.

Performing periodic audits is a monitoring and evaluation activity that verifies the effectiveness of implemented controls and responses, rather than being the direct act of mitigating the risk.