What often triggers the need for a review of ORM practices?

The occurrence of a mishap often serves as a critical trigger for reviewing Operational Risk Management (ORM) practices. When an incident happens, it highlights potential gaps or weaknesses in existing safety protocols and risk assessments. Such events prompt organizations to analyze the factors that contributed to the mishap, ensuring that lessons learned are integrated into future practices.

This review process is essential because it not only addresses the immediate cause of the mishap but also evaluates whether the current ORM framework is adequate in identifying and mitigating risks. It may lead to the development of updated procedures, enhanced training, or revised assessments to prevent similar incidents from occurring in the future.

While other factors like changes in costs, personnel, or technology can influence ORM practices, none carry the same urgency and imperative for immediate reassessment as a mishap does. The direct impact of a mishap on safety and risk management makes it a focal point for ensuring that ORM remains effective and responsive to real-world challenges.