What is an example of a risk mitigation strategy in ORM?

Implementing safety protocols and checklists is a clear example of a risk mitigation strategy in Operational Risk Management (ORM). This practice involves establishing systematic procedures that help to identify potential hazards and ensure that proper safety measures are in place to prevent incidents. By having defined protocols, team members are more likely to follow safe practices, be aware of risks, and respond appropriately, significantly lowering the likelihood of accidents or errors. Checklists serve as tangible tools that reinforce safety and ensure that critical steps are not overlooked, ultimately promoting a culture of safety and due diligence within an organization. This proactive approach to risk management is essential in mitigating potential dangers and enhancing overall operational safety.