What is the first step in Operational Risk Management?

The first step in Operational Risk Management is identifying hazards. This crucial initial step involves recognizing potential sources of harm or adverse effects that could arise in a given operation. By identifying hazards, personnel can begin to understand the risks they pose to safety and mission success. It sets the foundation for the entire risk management process.

Once hazards are identified, subsequent steps can involve assessing existing controls, implementing further measures to mitigate risks, and evaluating the effectiveness of these controls. However, without first identifying the hazards, it would be impossible to effectively manage and mitigate risks. Therefore, the process begins with this critical identification phase, ensuring that all potential dangers are acknowledged and addressed moving forward in the risk management cycle.