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Findings from a financial institution's (Fl's) regulatory examination suggest that several unidentified risks pose a serious threat. The Fl identifies the risks and implements a set of controls to mitigate those risks. Which type of risk considers the controls' effectiveness?
Correct Answer: D
Definition of Residual Risk: * Residual risk is the risk that remains after controls are implemented to mitigate inherent risks. * It reflects the effectiveness of controls and highlights areas requiring further attention. Relevance in Risk Management: * Evaluating residual risk helps determine whether existing controls adequately address the identified risks. CAMS-Audit Best Practices: * Auditors must assess residual risk as part of the broader risk management framework to ensure regulatory compliance and operational resilience.
