Which is the final step in the ORM process?

The final step in the Operational Risk Management (ORM) process is to supervise. This step involves ongoing oversight and management of the implemented controls to ensure that they are functioning effectively and that any changes to the operational environment are addressed. Supervision allows for adjustments to be made in response to new information or evolving situations, ensuring that the risk management strategies remain effective in mitigating hazards identified earlier in the process.

Throughout the ORM process, after hazards have been assessed, controls must be implemented, and risk decisions made. However, without supervision, the effectiveness of those controls can diminish over time, especially in dynamic environments where conditions may change. Therefore, supervision serves as a critical final step to maintain safety, ensure compliance, and effectively manage operational risks.