What is the first step of the ORM process?

Identifying hazards is the essential first step of the Operational Risk Management (ORM) process because it lays the groundwork for all subsequent actions. Without recognizing potential hazards, it is impossible to accurately assess the risks they may present or to implement appropriate controls. This step involves spotting possible sources of danger in any activity or operation, which is crucial for ensuring safety and effectiveness.

By effectively identifying hazards, individuals and teams can then move on to the risk assessment stage, where they evaluate the severity and likelihood of those hazards causing harm. It establishes a proactive approach, enabling better decision-making and planning to mitigate risks in future operations. This systematic method is fundamental to the ORM framework, ensuring that safety is prioritized from the very beginning of any task or operational framework.