Risk deflection is similar to what the PMBOK Guide calls risk transfer. We transfer all or part of risks to others by making the consequences their responsibility. For example, the purchase of an insurance policy to protect against catastrophic loss or hiring a contractor to do the more risky parts of the work.
For an extreme example of how risk deflection or transfer can be used, you might want to read up on the history of the Hoover Dam. Few today realize how many lives were lost building that structure while the corporation sponsoring the project shielded itself from all risk.