Which phase of ORM focuses primarily on assessing risks?

The assessment phase of Operational Risk Management (ORM) is specifically designed to evaluate and identify potential risks associated with a task or operation. This phase is critical as it involves analyzing the risks, understanding their potential impact, and determining the likelihood of their occurrence. During this phase, various tools and techniques may be utilized to assess the severity and probability of risks, enabling decision-makers to prioritize risks and establish appropriate control measures.

By concentrating on the assessment of risks, this phase lays the groundwork for informed decision-making in subsequent phases, such as planning and implementation. It ensures that all possible hazards are recognized and evaluated before any action is taken, which is fundamental to reducing potential harm and enhancing operational safety.