In which risk management strategy does a party take full responsibility for consequences and enter into an activity in spite of known risks?

retention risk management strategy

Explanation:

Retention risk management strategy -

It is the risk management method , where the company or the organisation undergoing the risk tries to absorb the potential loss instead of transferring the risk to the other party like the insurer , is referred to as retention risk management strategy .

It is the assumption of the risk of any damage or loss.

It determines as by what means the business , handles the risk.

Hence, from the given information of the question,

The correct term is retention risk management strategy.