What is residual risk in SAP GRC-RM - GRC Risk Management?

SAP Term: residual risk

• Component: GRC-RM

• Component Name: GRC Risk Management

• Description: The risk that remains after a risk analysis has been carried out. This is the risk that a corporation still faces in light of the mitigation measures that were implemented. These can be a specific response to a risk, or a control implemented to mitigate that risk.

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• Key Concepts: 
  Residual risk is the risk that remains after all risk management activities have been completed. It is the risk that cannot be eliminated or reduced through any means, and it is the risk that must be accepted and managed. 
  
  How to use it: 
  In SAP GRC Risk Management, residual risk is used to identify and manage risks that cannot be eliminated or reduced through any means. It is important to understand the residual risk associated with a particular activity or process in order to effectively manage it. 
  
  Tips & Tricks: 
  When assessing residual risk, it is important to consider both the likelihood of the risk occurring and the potential impact of the risk if it does occur. This will help you determine the best course of action for managing the risk. 
  
  Related Information: 
  SAP GRC Risk Management provides a comprehensive set of tools and features for managing residual risk. These include tools for assessing and monitoring risks, as well as tools for creating and implementing mitigation strategies.