Why is ongoing assessment essential in ORM?

Ongoing assessment is essential in Operational Risk Management (ORM) primarily because risks can evolve over time. This characteristic of risk highlights the dynamic nature of operational environments, where new hazards may emerge and existing risks can change in severity or impact due to various factors such as operational tempo, environmental conditions, or changes in procedures and equipment.

By continuously assessing risks, organizations can adapt their strategies to manage those risks effectively, ensuring that safety measures remain relevant and effective. This proactive approach helps to identify emerging threats before they lead to potential incidents, ultimately contributing to a safer operational environment.

In contrast, while there may be legal requirements related to risk management, the primary focus of ORM is on the continuous identification and mitigation of risks to enhance safety and operational effectiveness. Reducing documentation needs or promoting competition among teams are not central to the ongoing assessment process; they do not address the core purpose of adapting to the evolving landscape of risks.