What is the last step of the ORM (Operational Risk Management) process?

The last step of the Operational Risk Management (ORM) process is to supervise. This step involves monitoring and reviewing the controls and risk management strategies that have been put in place. By providing ongoing supervision, organizations can ensure that their risk management efforts are effective and that they are adapting to changes in the environment or emerging risks.

Supervision helps to validate that the risks are being managed effectively, and it allows for adjustments to be made when necessary. This step closes the loop in the ORM process by ensuring that all previous actions—identifying hazards, assessing risks, and implementing controls—are being followed up on and evaluated for efficiency. It is essential for maintaining a proactive risk management strategy and ensuring continuous improvement in managing operational risk.