Which step involves weighing the risks against benefits?

The step that involves weighing the risks against benefits is making risk decisions. In this stage of the Operational Risk Management process, decision-makers evaluate the identified risks alongside the potential benefits of taking certain actions. This assessment leads to an informed decision about whether to accept, further mitigate, or avoid the risks based on the potential outcomes.

When making risk decisions, it is crucial to consider both the likelihood of a hazard causing harm and the benefits of the activity. This weighing process helps ensure that the best course of action is chosen, aligning with mission objectives while minimizing potential negative impacts. It fosters a balanced approach to risk, allowing for operational effectiveness without compromising safety.

The other steps, such as identifying hazards and assessing risks, focus on understanding and analyzing the situation rather than making decisions based on that analysis. Implementing controls comes after decisions are made, targeting how to manage the identified risks effectively. Therefore, making risk decisions is unique in its focus on the balance of risk versus reward.