Which of the following is an example of risk reduction?

Implementing safety training for staff is an example of risk reduction because it proactively addresses potential hazards and educates employees on best practices to minimize incidents or accidents. By equipping staff with the knowledge and skills to handle situations safely, organizations significantly lower the likelihood of injuries, accidents, and associated costs. Such training creates a safer work environment, which not only protects employees but also reduces liability and potential financial losses for the organization.

In contrast, the other options deal with different approaches to managing risk. Discontinuing a risky business practice might eliminate a specific risk altogether but is more about removing the risk rather than reducing it through preventive measures. Transferring liability to an insurance company is a way to manage risk financially rather than reducing it directly. Accepting potential losses is a risky strategy that does not mitigate the dangers involved but rather acknowledges them without taking steps to lessen them.