Risk Management 101 for IT Professionals Essential Concepts - Understanding Residual Risk

The video tutorial explains the concept of residual risk, which is the risk that remains after implementing risk mitigation or transference measures. It introduces the residual risk equation, which calculates residual risk as the inherent risk minus the impact of risk responses. The tutorial discusses various risk control measures, such as risk mitigation and transference, and emphasizes the importance of evaluating the level of residual risk that remains. It concludes with considerations for further reducing residual risk and encourages viewers to assess whether additional measures are needed.

What is residual risk and how is it defined?

Explain the relationship between inherent risk and residual risk.

What considerations should be made when applying risk control measures?

How can one determine if the level of residual risk is acceptable?

Discuss the importance of understanding residual risk in risk management.