Which of the following is not considered one of the 5 steps when applying ORM?

The correct answer is that identifying obstacles is not considered one of the five steps when applying Operational Risk Management (ORM). The ORM process primarily focuses on managing risks through several established steps. These steps include identifying hazards, assessing risks, making risk decisions, implementing controls, and supervising and reviewing the controls.

The function of identifying hazards is crucial, as it lays the groundwork for recognizing potential risks in any operation. Assessing those risks follows, allowing for a clear understanding of the likelihood and impact of each hazard. Making informed risk decisions based on this assessment is vital for effective management. Lastly, supervising ensures that the implemented controls are functioning correctly and are adapted as needed.

While identifying obstacles may be an important consideration in operational planning, it does not specifically fall within the structured framework of ORM's methodology, which is focused on risks and hazards.