16 ways to Manage and Reduce risk 

1. Consult a SEBI registered Financial Planner / Advisor / professional / practitioner / expert
2. Develop a comprehensive financial vision board and following it religiously
3. Identifying suitable assets, sub assets required for financial goals
4. Reducing / Lowering the risk to be taken

This is the biggest risk of all risks known are non-planning, selecting non suitable instruments / assets / sub assets, human biases, personal exigencies, income losses, non-commitment of funds, un lucky or un timing the volatile instruments, excess leverage, not diversifying across assets, time horizon, timing the markets, etc.,
The way to reduce this risk is planning your finances, cash flows, assets and liabilities, financial goals, liquidity needs, taxation of personal finance, taxation of instruments, taxation of cash flows from instruments.

5. Asset allocation
  1. Strategic
  2. Tactical
6. Diversification across
  1. Asset
  2. Sub Asset
  3. Strategies
  4. Themes
  5. Securities
  6. Holding Period
7. Hedging
  1. Futures Short
  2. Put Buy
  3. Call Short
  4. Hybrid / Combination
8. Limits
  1. Asset wise
  2. Geographic Wise
  3. Sector Wise
  4. Security wise
  5. Holding Period wise
9. Stop Loss or Exit when not performing or down trending assets
10. Booking Partial Profits in stagnant or sideways trending volatile assets
11. Rupee cost averaging for long-term appreciating volatile assets
12. Rebalancing the investments as per the broader economic conditions
13. Insurance or Protecting against the risk
14. Accepting the risk as it is
15. Transferring the risk
16. Avoiding the risk completely