In risk management, after measures have been taken to prevent or control risks, some risks will still remain. These are known as residual risks.

Inherent Risk:

The risk present before any control measures are applied.

Residual Risk:

The risk that remains after preventive and control measures have been implemented.

It is the risk that the organization decides to accept and manage, rather than eliminating entirely.

Control Risk:

The risk that controls will fail to prevent or detect a risk.

Credit Risk:

The risk of a financial loss due to a borrower's failure to repay a loan.

Residual risk is the remaining risk after all control measures are applied.

References: Risk management frameworks and standards, such as ISO 31000.

Quality planning focuses on identifying and meeting the needs of the customers. It involves defining quality standards and determining how to achieve them to ensure customer satisfaction.