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Risk is a method of identifying vulnerabilities in the a system / business process / asset and the threats that can exploit those vulnerabilities. Risk assessment can be of qualitative / quantitative. Quantitative risk assessment associates a number to the risk impact which will help in prioritizing the risk for treatment.
Secondary risk is generated as a side effect the implementation of a response. Residual risk is one that remains, even after implementing responses.
Risk: When the project / business faces the possibility of negative and undesirable outcomes
Residual Risk: After you've taken steps to counter emerging risks, the remainder of these risks is refered to as residual risks. Post evaluation of the risk degree further steps can be taken for reduction.
Secondary Risk: After you've implemented a course of action for the risks, the risks that emerge POST Implementation of risk response are refered to as secondary risks.
