Which step is NOT part of the ORM process?

The step that is not part of the Operational Risk Management (ORM) process is the assessment of penalties. In the ORM framework, the focus is primarily on identifying hazards, implementing control measures to mitigate the identified risks, and supervising the effectiveness of those controls.

Assessing penalties does not align with the objective of ORM, which is centered around preventing and managing risk rather than evaluating the consequences or punishments associated with potential risks. The process emphasizes proactive risk management through hazard identification, control implementation, and monitoring, allowing organizations to create safer operational environments. Each of these ORM steps contributes to a comprehensive strategy aimed at minimizing risk exposure.