What is an essential first step in the ORM process?

The essential first step in the Operational Risk Management (ORM) process is hazard identification. This step involves recognizing and evaluating potential hazards that could cause harm or negative outcomes in operations. By identifying hazards, personnel can understand the risks involved in their activities and determine the necessary measures to mitigate them.

This initial phase sets the foundation for the rest of the ORM process, which includes assessing risks, implementing controls, and continuously monitoring and reviewing processes. Identifying hazards is crucial because only through a thorough understanding of what could go wrong can effective strategies be developed to minimize risks.

The other options focus on aspects that occur after hazards have been identified. Implementing new technologies or providing financial incentives for safety may be part of broader risk mitigation strategies, but they are not the first step. Similarly, assigning blame for past mishaps does not contribute to the proactive nature of ORM; rather, it could foster a culture of fear rather than one of safety and improvement.