The setting
Remote management or
WAN administration allows a router's own configuration interface to be reached from outside the home network. That is different from a camera app connecting to its vendor's cloud or a user browsing the internet normally. Exposing the admin page raises the stakes of a weak credential or router vulnerability.
Example
You manage the router only while at home but find remote management enabled. Turn it off in the router's official interface, then verify that you can still administer it locally and browse normally. The FTC
advises disabling remote management when unused.
What to keep doing
Use a unique router administrator password and apply firmware updates. If remote administration is genuinely required, use the vendor's current secure method, limit who can reach it and review logs. Changing the Wi-Fi password alone does not change the router admin password. Check the setting again after replacing or resetting the router, when defaults may differ.