Residual Risk Là Gì

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We all face risks on a daily basis. We might panic, or try not khổng lồ take any overt risks, & even try to avoid them, but risks are inevitable; they eventually find their way into our lives. The same goes for business organizations. A risk is defined as “the exposure lớn the chance of injury or loss - a hazard or dangerous chance.” 

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Project Managers are trained in risk management to ensure that risks are kept lớn a minimum in their projects. This means project managers need to lớn be able to think outside the box and not take the same route again. Risk Management is “the process of identifying, analyzing, & responding to risk factors throughout the life of a project in the best interest of its objectives.” 

What Types of Risks Are There?

Aside from the primary risk inherent in any project, activities may also involve secondary và residual risks. Let’s take a look at residual vs. Secondary risk.

What Are Secondary Risks?

The PMBOK Guide defines secondary risks as “those risks that arise as a direct outcome of implementing a risk response.” In other words, you identify risk & have a response plan in place to khuyến mãi with that risk. Once this plan is implemented, the new risk that may arise from the implementation - that’s a secondary risk. 

A response plan is created depending on the impact of these risks on a project. A high impact risk will require a response plan, whereas if the risk seems negligible, it will only be watched by managers.

As an example, imagine you are the project manager for a construction project. From past experience, you know that one main risk that you may face is that the sand supplier may not deliver on time. In the risk management plan you create, you have already accounted for this risk. The action you will take if this were khổng lồ occur could be khổng lồ procure the sand from a different supplier. A potential risk that you may encounter is that there may be differences in the sand provided by the first & second supplier, which would then be a secondary risk.

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What Are Residual Risks?

Residual risks are the leftover risks, the minor risks that remain. The PMBOK Guide defines residual risks as “those risks that are expected khổng lồ remain after the planned response of risk has been taken, as well as those that have been deliberately accepted.”

Residual risks are acceptable to lớn the organization’s risk tolerance level—or, in some cases, a residual risk has no reasonable response. Managers simply accept them the way they are. If it has to happen, it will happen, & it isn’t much you can vị about it.

These risks are identified during the process of planning. A contingency reserve is phối up khổng lồ manage risks such as these.

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Organizations should address residual risks by:

Identifying relevant governance, risk, và compliance requirementsAcknowledging existing risksDetermine the organization's control framework's strengths & weaknessesDefine the organization's appetitePlan for appropriate contingencies

For instance, you may have established a risk of rain that may last an hour or two that may disrupt some of your planned meetings. Lớn manage this risk, you have scheduled your other meetings with a buffer of a couple of hours. This way, even if it rains for two hours, your other plans are not disrupted.

This doesn’t eliminate the risk of your schedule going astray; it only lowers the risk. Whatever risk that still remains is termed “residual risk.” As an example, it is possible it pours down all day, which disrupts your subsequent meetings. In this case, the contingency plan (if the risk occurs) could be that you attend the meeting remotely.

This may lead lớn another risk that your presence during the meeting may not be as effective or impactful had there been no rain & you were present in person, which is a secondary risk.

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What’s the Difference Between Secondary & Residual Risks?

The table below compares và contrasts these risks:

 Secondary RisksResidual Risks
DefinitionThose risks which arise as a direct outcome of implementing a risk responseThose risks which are expected to lớn remain after the planned response of risk has been taken, as well as those that have been deliberately accepted
Action Required?YesNot always – depends
Action lớn takeCreation of a response planA contingency plan
ExamplePutting out a trap for an animal in your field but a thành viên of the family getting caught in it insteadYou end up attending the meeting remotely

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Conclusion

Understanding how to lớn identify and manage risk is a part of everyone’s life. For an aspiring project manager, learning how lớn distinguish và plan for different types of risks will help you more efficiently manage resources and time.

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