What is a common tool used in ORM for identifying risks?

Risk assessment checklists are a common tool used in Operational Risk Management (ORM) for identifying risks because they provide a systematic approach to evaluate various aspects of an operation or task. These checklists are designed to outline potential hazards, allowing personnel to assess the likelihood and impact of specific risks. They facilitate a comprehensive review of processes and identify areas that may require attention or corrective action.

By using risk assessment checklists, individuals and teams can ensure that they do not overlook critical aspects of safety and risk management. This tool not only aids in the proactive identification of risks but also helps in documenting findings for future reference and continuous improvement in ORM practices.

Other options like financial auditing, safety data sheets, and market analysis reports serve different purposes. Financial auditing focuses on evaluating financial records, safety data sheets provide information on chemical hazards but do not systematically identify risks in an operational context, and market analysis reports assess market conditions rather than operational risks. Hence, while these tools have their own relevance and applications, risk assessment checklists are specifically tailored for identifying and managing operational risks effectively.