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\nWhat is a Residual Risk & What is Secondary Risk?\n

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\nIn this video, I answer the questions what is Residual Risk and what is a Secondary Risk? And along the way, we also need to understand the term Inherent Risk too.Inherent Risk, or Underlying RiskThis is the risk level you start with,...\nIn this video, I answer the questions what is Residual Risk and what is a Secondary Risk? And along the way, we also need to understand the term Inherent Risk too.

Inherent Risk, or Underlying Risk
This is the risk level you start with, before you take any action to control it. If you do nothing, the risk is the inherent risk.

Residual Risk
If you do act, you may not remove all of the inherent risk. The risk that remains is the residual risk. So, the residual risk is the risk remaining after you have implemented your risk response.

Secondary risk
As well as resolving or mitigating a specific risk, a risk response can also have secondary, undesirable outcomes. These may be issues you need to deal with. Or it may generate risks: a Secondary Risks.
A Secondary risk is a risk that arises as a direct result of implementing a risk response.

Once you have applied a risk response, review the situation to identify any residual or secondary risks – and update your risk register accordingly.

Residual Risks need to remain in your risk register, with a fresh evaluation of their new impact, likelihood, and proximity. Thus you need to evaluate the next level of risk response (or decide to accept the residual risk or handle it with a contingency plan).

And, of course, you will add any secondary risks to your register, as you would for any new risk you identify.\n
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Resource Details

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Media Length
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4:56
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Grade
10th - Higher Ed
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Subjects
Career & Technical Education
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Media Type
Instructional Videos
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Source:
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\nOnline PM Courses\n\n
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Date
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2022
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Language
English
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Audiences
For Teacher Use
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Fine Print: Educational Use
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risks, questions, matter
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residual risk, inherent risk, what is residual risk, secondary risk, risk management, residual risk assessment, project management, what is secondary risk, what is inherent risk, risk happens, risk register, risk evaluation, risk management in project management, project risk, project risk analysis, project risk management, project risk assessment, project risk analysis and management, project risk identification, project risk response, risk management plan, risk response, risk, response, action, issues, proximity, project, question, plan, answer, term, control, remains, implementing, make, deal, arise, review, update, remain, likelihood, pick
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