What action should follow the identification of hazards in the ORM process?

After identifying hazards in the Operational Risk Management (ORM) process, the next logical step is to assess those hazards. This assessment involves evaluating the risks associated with each identified hazard, including their potential impact and the likelihood of occurrence. By conducting a thorough assessment, you can prioritize the hazards based on their risk level and understand the necessary measures needed to mitigate them effectively.

Assessing hazards allows for an informed approach to risk management, ensuring that subsequent actions, such as implementing controls or making risk decisions, are based on a clear understanding of the risks involved. This step is critical in the ORM process because it provides the foundation for developing strategies to reduce or eliminate those risks, thereby enhancing overall safety and operational effectiveness.