Risk Transfer is referring to the transferring of risk. When mitigating risk, we are looking for ways to deal with the risk that is presented to us. Transferring risk is one of the four techniques/strategies that is used when mitigating risk. This strategy is to transfer the risk to another entity, such as having car insurance; if an incident arises, the insurance is there to lessen the monetary blow.
To learn more about these strategies, watch this short video: