How do you handle residual risks after implementing mitigation strategies

Question

Even after implementing risk mitigation strategies, some risks still remain. How should I handle residual risks to ensure they don’t become major problems later?

Answer 1

Even after risk mitigation, some risk remains; this is known as residual risk. Here's how I handle things.

• Assess Residual Risks - Identify risks that persist despite mitigation attempts.

• Secondary Mitigations - Implement backup measures (e.g., insurance, more monitoring).

• Monitor Risk Trends - Review residual hazards on a regular basis using risk registers.

• Establish Contingency Plans - Create response plans in case residual threats arise.

• Communicate with Stakeholders - Ensure that leadership and teams are informed of residual risks and prepared for potential consequences.

Managing residual risks avoids surprises and ensures that the project is resilient to uncertainty.