Overview
Residual risk represents the level of risk that remains after applying mitigation or transfer actions. Comparing the inherent risk (untreated risk) and the residual risk helps you evaluate the effectiveness of your risk mitigation strategies. A larger difference between these scores indicates stronger risk reduction.
You can view both inherent and residual risk scores for all risks from the Risk Register.
Prerequisites
Plan availability: This functionality applies to both Risk Management Standard and Risk Management Pro
Permissions: The user needs to have Risk Manager, Admin, Workspace Manager roles to take the actions on residual risk scores
Workspace awareness: The risk register is a global module, however, risks can only be connected to controls in the primary workspace.
Steps to add a residual risk score
Go to the Risk Management page and open the Register tab.
Select a specific risk to open up the risk detail page.
In the Assessment section, enter the inherent Impact and Likelihood values.
Under Treatment Type, choose Mitigated or Transferred.
The residual risk score only applies to these treatment types.
Once you select Mitigated or Transferred as the treatment types, the options to input the residual impact and residual likelihood will appear.
Entering these values will calculate the residual score
Save your changes once you’re done