A system configured for measuring torque on a component having a residually magnetized region, said system comprising: a torque sensor for sensing an electromagnetic characteristic of the component which is indicative of the component's ability to transmit electromagnetic energy, wherein the electromagnetic characteristic of the component changes with the torque, and transmitting a plurality of signals that are indicative of the electromagnetic characteristic; wherein the sensor is a non-contact, four-branch, magnetostrictive torque sensor having a core element and a plurality of branch elements electrically connected to the core element such that the core element and branch elements are oriented substantially parallel to one another in spaced-apart relation with the core element positioned between the branch elements; the core element having a core shaft and a drive coil that circumscribes the core shaft, the branch elements including a first branch element having a first shaft and a first sensing coil that circumscribes the first shaft; a second branch element having a second shaft and a second sensing coil that circumscribes the second shaft; a third branch element having a third shaft and a third sensing coil that circumscribes the third shaft; and a fourth branch element having a fourth shaft and a fourth sensing coil that circumscribes the fourth shaft; with the first branch element and the third branch element oriented along the same line of tension experienced by the component and with the second branch element and the fourth branch element oriented along the same line of compression experienced by the component; and characterized in that it further comprises a computer communicatively coupled to said torque sensor for receiving the signals, said computer comprising a processor and a memory, said processor programmed to determine, using the signals, that said torque sensor is affected by the residually magnetized region of the component, to compare the signals and to make the determination by identifying that a first one of the signals is different than a second one of the signals by subtracting the first one of the signals from the second one of the signals to identify a difference therebetween and to modify at least one of the signals to account for the effect of the residually magnetized region. a torque sensor for sensing an electromagnetic characteristic of the component which is indicative of the component's ability to transmit electromagnetic energy, wherein the electromagnetic characteristic of the component changes with the torque, and transmitting a plurality of signals that are indicative of the electromagnetic characteristic; wherein the sensor is a non-contact, four-branch, magnetostrictive torque sensor having a core element and a plurality of branch elements electrically connected to the core element such that the core element and branch elements are oriented substantially parallel to one another in spaced-apart relation with the core element positioned between the branch elements; the core element having a core shaft and a drive coil that circumscribes the core shaft, the branch elements including a first branch element having a first shaft and a first sensing coil that circumscribes the first shaft; a second branch element having a second shaft and a second sensing coil that circumscribes the second shaft; a third branch element having a third shaft and a third sensing coil that circumscribes the third shaft; and a fourth branch element having a fourth shaft and a fourth sensing coil that circumscribes the fourth shaft; with the first branch element and the third branch element oriented along the same line of tension experienced by the component and with the second branch element and the fourth branch element oriented along the same line of compression experienced by the component; and characterized in that it further comprises a computer communicatively coupled to said torque sensor for receiving the signals, said computer comprising a processor and a memory, said processor programmed to determine, using the signals, that said torque sensor is affected by the residually magnetized region of the component, to compare the signals and to make the determination by identifying that a first one of the signals is different than a second one of the signals by subtracting the first one of the signals from the second one of the signals to identify a difference therebetween and to modify at least one of the signals to account for the effect of the residually magnetized region.