HERE'S WHY
Residual Risk represents the remaining risk after mitigating or transferring it. The inherent risk is the untreated likelihood x impact numerical score (5x5). After applying mitigating controls for example, the residual risk is the leftover risk that remains after treatment, which is a measure of the effectiveness of the treatment.
BEFORE DIVING IN
The residual risk only applies to risks for which you've applied one of the following treatment types: 'Mitigated' or 'Transferred'.
HERE'S HOW
When viewing the Risk Register, notice the two columns of numerical scoring. The left column represents the inherent risk score, while the right represents the residual score.
Add residual risk score
Select a risk.
Enter the Impact and Likelihood under Assessment section.
Select Mitigated or Transferred for the treatment to add the residual risk score.
Enter the treatment details, impact and likelihood for the residual score.
Save and the risk register will update with the changes.