Which process is key to managing hazards in ORM?

The key process for managing hazards in Operational Risk Management (ORM) is decision-making. This step is crucial because it involves evaluating the identified risks and determining the best course of action to mitigate those risks effectively. In the context of ORM, decision-making allows individuals and teams to weigh the potential consequences of various actions, decide on necessary control measures, and select the approach that minimizes risk while achieving mission objectives.

Understanding this process helps in applying ORM principles properly. Decision-making is informed by the assessment and evaluation stages, which identify and quantify hazards, but it is the act of making decisions that ultimately shapes how those risks will be treated. Effective decision-making considers both the severity and probability of risks, enabling informed choices that uphold safety and operational effectiveness. Proper documentation of the decisions made also supports future ORM processes by providing a record of what was considered and the reasoning behind chosen actions.