In risk management, what is the term used for risks that remain after control measures have been implemented?

Residual risk refers to the risks that persist even after control measures have been put in place to mitigate or eliminate potential hazards. This concept is crucial in risk management as it acknowledges that no control process is foolproof, and some level of risk will always exist. Understanding residual risk helps organizations evaluate the effectiveness of their risk management strategies and make informed decisions on whether to accept this remaining risk or implement further controls.

In contrast, inherent risk relates to the level of risk present before any controls are applied, while acceptable risk typically refers to the amount of risk that is considered tolerable given the potential benefits. Available risk is not a standard term within risk management and does not accurately describe this context. Therefore, the correct term to describe risks that remain after implementing controls is indeed residual risk.