You’re making a pizza and you’ve done everything to prevent a kitchen disaster – fire extinguisher, oven mitts, the works! But there’s still that teeny-tiny chance something could go wrong. Welcome to the world of residual risk!
Residual risk is that itty-bitty slice of uncertainty that remains even after you’ve put all the necessary safeguards in place. In the business world, it’s like an uninvited party guest that you just can’t kick out. While you can’t eliminate residual risk completely, smart planning and management can help keep it as low as possible. So go ahead, embrace the unknown, and remember: a little risk adds some spice to life!