PROJ595: Strategies for Handling Risk

In terms of Risk Mitigation, and other Risk Strategies in Project Management, What if you are going through the Risk Strategy process, as a Project Manager, and you notice that there may be several options to choose from as it relates to assessing risk (strategizing), how do you ensure not to just use one option to fully negate risk or reduce them as best as possible, as opposed to just going with one risk strategy to guarantee success?

I would appreciate it if the expert would elaborate on this question and topic in -depth, with a scholarly response, and one that has references and or sources used to support your vantage-point. I personally believe that there are some options that are more useful than others, if possible, can you give me your insight regarding this conundrum? Thanks in advance!