Which of the following best describes "residual risk" in the context of risk assessment and mitigation?
- Remaining risk after mitigation efforts are applied
- Risk before any mitigation
- Risk that can be completely avoided
- Risk transferred to another party
"Residual risk" refers to the risk that remains after all mitigation efforts have been applied. Even after implementing all the risk management strategies, there's often some level of risk that persists. It's crucial for organizations to understand this remaining risk and decide whether it's within acceptable limits or requires further action.
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