What is a Residual Risk & What is Secondary Risk?

The video tutorial explains the concepts of inherent, residual, and secondary risks in risk management. Inherent risk is the initial risk before any control measures are applied. Residual risk is what remains after implementing risk controls, while secondary risk arises from the risk response itself. The tutorial emphasizes the importance of reviewing and updating risk registers to manage these risks effectively. It highlights that risk management is an adaptive, iterative process, encouraging the habit of regularly surveying the risk profile of projects. Understanding these risks is useful but not vital; the key is actively managing and reviewing risks.

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