We need to mitigate the risks.

Meaning

We need to reduce or lessen the potential negative consequences.

Examples

• John: 'There's a chance of failure.'
• Alice: '<b>We need to mitigate the risks</b> by having a backup plan.'
• John: '<b>We need to mitigate the risks</b> proactively.'
• Alice: 'The project has potential setbacks.'