What does residual risk level mean for hazards?

Residual risk level refers to the remaining risk associated with a hazard after all feasible control measures and mitigation strategies have been implemented. It represents the likelihood and potential impact of a hazard occurring, even after efforts to minimize it. Understanding residual risk is crucial for effective risk management, as it helps organizations assess whether additional measures are needed to ensure safety and compliance. Ultimately, it informs decision-making and prioritizes resource allocation for risk reduction.