What is the main goal of hazard identification in ORM?

The main goal of hazard identification in Operational Risk Management (ORM) is to recognize all possible sources of harm. This process involves systematically identifying anything that could potentially cause injury, damage, or any form of loss to personnel, equipment, or the environment. By thoroughly understanding the hazards, teams can develop effective strategies to mitigate or eliminate risks, ultimately enhancing safety and operational effectiveness.

Recognizing all possible sources of harm is critical because it allows organizations to anticipate and address risks before they lead to incidents. This proactive approach is fundamental to the ORM process, as it underpins subsequent steps such as risk assessment, risk control, and implementing safety measures.

In contrast, minimizing work processes may streamline operations but does not specifically address risk identification. Focusing solely on financial risks limits the scope of hazard identification, which should encompass all types of risks. Similarly, while satisfying regulatory requirements is important, the purpose of hazard identification goes beyond compliance; it emphasizes creating a safe operational environment through comprehensive risk awareness.