Split column value and select last element in SQL Server

Refer below query.

SQL

DECLARE @Test AS TABLE (EMP_Key VARCHAR(50),Name VARCHAR(20))

INSERT INTO @Test VALUES('121||RAW||231A' , 'Raw')
INSERT INTO @Test VALUES('122||STEVE||232B','Steve')

SELECT SUBSTRING(EMP_Key,(LEN(EMP_Key)-CHARINDEX('||',REVERSE(EMP_Key)))+2,LEN(EMP_Key)) 'EMP_Key'
FROM @Test

Output

EMP_Key

231A

232B