Exploit risk is one of the strategies for positive risks or opportunities given in the PMBOK, 5th edition, section 11.5.2.2 or in the 6th edition sections 11.5.2.5 and 11.5.2.7. This strategy involves preparing to take advantage of the benefits from a potential event. (Remember that a "risk" in project management terms can be a positive event.) In the PMI process framework, sharing the risk is one of the tools and techniques for plan risk responses.
For example, when a project creates a new product, there is a risk that demand will be higher than expected. To exploit this risk, the project team could plan ways to increase production and delivery quickly to match an increase in demand.
Generally, this strategy is best for the positive risks. Some negative risks have a positive alternative. Projects do not always consider this possibility. For instance, a construction project may consider what can be done to adjust for bad weather. But do they also consider how to take advantage of unusually good weather?
Do you have other examples of how planning for a risk can help exploit its benefits to the project? You can add them by editing this article or entering them in the comments below.
Related: partners, Plan risk management, SWOT, SWOT analysis
Other risk handling strategies are avoid, transfer, mitigate, accept, share, or enhance.