Original Source: bizfluent by Jean Marie Bauhaus

Any business venture carries risk.  Most inherent risk can be identified and mitigated through the implementation of countermeasures — but no countermeasure can completely eliminate risk.  Residual risk is the amount of risk that remains once countermeasures are in place.  This level of risk is hard to calculate accurately, because much of it involves unforeseen events.  However, it is possible to estimate the level of residual risk and determine whether it falls within acceptable limits.  Doing so may help to decrease the likelihood of a castastrophic incident and further mitigate loss should such an incident occur…

Contributors: Open Source
Categories: Industry Articles, SIG U Resource
SRC Type: Risk Management, Sourcing Management, Third Party Management