What is Residual Risk?

Residual risk in project management is the remaining concerns or prospective problems that remain even after you’ve done your best to address and manage hazards, similar to the slight likelihood of rain even after you’ve taken storm preparation measures. These are the dangers that may still remain even if you’ve taken steps to mitigate or address the bulk of possible difficulties. Residual risks are often lower or less likely to occur, but they still exist and must be managed to ensure they do not have an unforeseen impact on the project. It’s critical to keep an eye on these lingering dangers in order to be prepared if they become genuine difficulties down the future.