Which of the following best describes 'Assess risks' step in the ORM process?

The 'Assess risks' step in the Operational Risk Management (ORM) process is best described as involving the measurement of both the likelihood and the impact of hazards. This step is crucial as it allows personnel to gain a comprehensive understanding of the risks associated with a particular operation or activity. By analyzing how likely a hazard is to occur and the potential consequences if it does, decision-makers can prioritize which risks need to be addressed more urgently.

This assessment lays the groundwork for effectively managing these risks, as it helps in determining the necessary precautions or actions that should be implemented to mitigate those risks. Understanding both the probability of occurrence and the severity of impact is essential for making informed choices about safety measures and operational adjustments.

The other aspects mentioned in the options, such as merely listing hazards or focusing solely on operational goals or training personnel, do not encompass the full scope of what 'Assess risks' entails. Instead, those elements may be part of the broader ORM process but do not accurately capture the specific tasks involved in the risk assessment phase.