What is Risk Transference?

In project management, risk transference is similar to passing on a portion of your worries or issues to someone else, similar to sharing a difficult assignment with a buddy. Simply said, it is the transfer of responsibility or the effect of a risk to another person. For example, if you have a backup source who can step in if a provider fails to deliver supplies on time, you may transfer that risk. It’s about reducing the effect of possible difficulties by incorporating others who can share or handle such risks, so they’re not primarily your worry.