What is a common misconception about ORM?

The belief that ORM is only applicable to high-risk operations is a common misconception. In reality, Operational Risk Management is designed to be a fundamental approach applicable across all levels of risk and types of operations, not just those deemed high-risk. ORM emphasizes the importance of risk assessment and management in all situations, encouraging a proactive mindset in both routine and critical scenarios. This broad applicability helps to foster a culture of safety and risk awareness among personnel, ensuring that even minor tasks are conducted with an understanding of potential risks.

While ORM processes can be particularly vital in high-risk environments where the consequences of failure are significant, they are equally relevant in less hazardous operations, as risks can arise in any context. This comprehensive approach ensures that organizations are prepared and that risks are minimized regardless of the operational environment.