What are the five steps of the ORM process?

The five steps of the Operational Risk Management (ORM) process are designed to systematically identify, evaluate, and mitigate risks associated with operations. The correct sequence begins with identifying hazards, which involves recognizing potential threats that could impact personnel or mission success. Following this, assessments of the identified hazards are conducted to determine their potential impact and the likelihood of occurrence.

Once the hazards are assessed, the next step is making risk decisions, where you consider the level of risk associated with each hazard and determine whether to accept, mitigate, or eliminate the risk. After decisions are made, the next crucial step is to implement controls. This may involve putting safety measures or protocols in place to minimize the identified risks effectively. Finally, supervision and review come into play, focusing on monitoring the effectiveness of the controls and making adjustments as necessary, creating a feedback loop that ensures continuous improvement in managing risks.

This sequence reflects a logical flow that emphasizes not only identifying and assessing dangers but also taking appropriate actions and continuously refining the risk management processes based on observations and outcomes. Thus, the correct answer encapsulates the essence of the ORM process with a comprehensive and accurate arrangement of its steps.