Hi Daniel,
I used this example to help my study last year, hope this will help you too
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For instance, you may have established a risk of rain that may last an hour or two that may disrupt some of your planned meetings. To manage this risk, you have scheduled your other meetings with a buffer of a couple of hours. This way, even if it rains for two hours, your other plans are not disrupted.
This doesn’t eliminate the risk of your schedule going astray; it only lowers the risk. Whatever risk that still remains is termed “residual risk.” As an example, it is possible it pours down all day, which disrupts your subsequent meetings. In this case, the contingency plan (if the risk occurs) could be that you attend the meeting remotely.
This may lead to another risk that your presence during the meeting may not be as effective or impactful had there been no rain and you were present in person, which is a secondary risk.