Which tool can enhance risk assessment in ORM?

Using structured risk assessment frameworks greatly enhances risk assessment in Operational Risk Management (ORM). These frameworks provide a systematic approach to identifying, analyzing, and mitigating risks. They often include specific methodologies, checklists, and guidelines that help ensure all potential risks are considered and evaluated consistently.

Structured risk assessment frameworks facilitate communication and collaboration among team members, enabling clearer understanding and management of risks. By employing standardized methods, teams can document their findings and decisions, making it easier to track risk management efforts over time. This structured approach also helps minimize the influence of personal biases or assumptions, which can cloud judgment, and promotes a thorough and objective evaluation of risks. Ultimately, this leads to better decision-making and enhances the safety and effectiveness of operations.