You have just attended a cross-functional meeting during which a list of risk items was...

Risk mitigation is the process of implementing actions to reduce the probability and/or impact of risks1. When you execute the tests in priority order based on the risk ratings, you are performing risk mitigation, as you are trying to prevent or minimize the potential failures and defects in the system2. Risk planning, identification, and assessment are the previous steps in the risk management process, which help to prepare for risk mitigation3.

References = 1: Risk Mitigation – Planning, Implementing, and Monitoring 2: Risk Based Testing Approach for Agile Teams 3: The Ultimate Guide to Risk Based Testing: Risk Management in Software Testing