Which of the following is an example of risk control in ORM?

Planning for contingencies and developing response strategies is a prime example of risk control in Operational Risk Management (ORM) because it systematically addresses potential risks by preparing for them in advance. This approach involves identifying possible adverse events, assessing their potential impact, and creating predefined plans to mitigate or respond to those events effectively if they occur.

Risk control in ORM emphasizes proactive measures—it's about not only recognizing risks but also determining what actions can be taken to minimize the likelihood of those risks materializing or to reduce their impact. By planning for contingencies, organizations can adapt quickly and maintain safety and operational effectiveness, even when unexpected issues arise.

This is distinct from the other options, which do not embody effective risk management practices. Making decisions based solely on gut feelings lacks a structured approach to risk assessment and can lead to poor outcomes. Delegating all risk decisions to senior officers may overlook valuable input from those closer to the potential risks. Ignoring minor risks in favor of major ones can lead to unforeseen consequences, as even small risks can escalate or contribute to larger issues. Thus, the correct choice exemplifies a key principle of ORM, focusing on structured risk management and preparedness.