Which of the following best defines 'Controls' in the context of ORM?

In the context of Operational Risk Management (ORM), 'Controls' refer specifically to measures implemented to eliminate or mitigate hazards associated with operational activities. This definition underscores the proactive approach that ORM takes in identifying potential risks and implementing safeguards to prevent accidents or injuries, ultimately ensuring a safer operational environment.

When focusing on this term within ORM, it's essential to understand that these controls can include engineering modifications, administrative procedures, or personal protective equipment among others, all specifically designed to manage risks effectively. Therefore, measures classified under 'Controls' directly aim to address the threats posed by hazards, making the context clear and relevant to the ORM framework.

The other options, while related to operational efficiency, do not align with the specific focus of 'Controls' in ORM. Cost reduction, scheduling procedures, and communication tools are important aspects of overall operations but do not specifically address the identification and management of risks associated with hazards in the ORM context.