Explanation
Treatment plan becomes a living document of defining the direction of the risk treatment andbeing able to monitor progress against the plan3. Treatment plan helps to ensure that risk treatment actions are aligned with the changing context, objectives, and stakeholder expectations.

Explanation
Risk management can be used in varied and complex settings . Risk management can help organizations deal with uncertainty and complexity in any type of activity, industry, or sector.

Explanation
Risk management is core to governance and compliance . Risk management helps to ensure that organizational objectives are achieved in a lawful, ethical, and transparent manner.

Explanation
Residual risk is the type of risk that remains after risk treatment has been applied1. Residual risk reflects the remaining exposure or uncertainty after taking into account existing controls.

Explanation
Monte Carlo simulation is a risk analysis technique that uses random variables to model uncertainty and generate possible outcomes2. This helps to assess the probability and impact of different scenarios.