Brian conducted a risk mitigation exercise and has determined the level of risk that remains after implementing a series of controls. The term best describes this risk id Residual Risk.
Risk is the state of fear of something, there is many types of risk, business risk, inherit risk, residual risk, audit risk, credit risk, financial risk and more.
There are nature about risk appetite, some prefer lower risk who are known as the risk averse, some have a higher appetite of risk in exchange of good returns known as risk seeker.
Residual risk is the risk that is left after applying all the procedures to minimize the risk, this is lowest possible level of risk and there is no option left but to accept this risk.
In a risky environment the risk mitigating decisions are made which minimize the risk but some of the risk is left which is called the residual risk.
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