What is the acronym for the five steps of Operational Risk Management (ORM)?

The acronym for the five steps of Operational Risk Management (ORM) is IAMIS, which stands for Identify, Assess, Make risk decisions, Implement controls, and Supervise. Each of these steps plays a crucial role in effectively managing risks in a variety of operational contexts.

1. Identify: This step involves recognizing potential hazards or risks that could impact the operation. It is a proactive approach to ensuring that all possible risks are considered.

2. Assess: After identifying risks, the next step is to assess the significance and potential impact of these risks. This allows individuals and teams to prioritize which risks require immediate attention and which can be monitored or accepted.

3. Make risk decisions: In this step, decisions are made based on the assessment. This involves weighing the potential risks against the benefits of an operation, determining whether to proceed, modify the operation, or avoid it altogether.

4. Implement controls: Once decisions are made, necessary controls and measures are established to mitigate identified risks. This can include policies, training, or equipment that help manage the risks effectively.

5. Supervise: Finally, ongoing monitoring and supervision are essential to ensure that the risk management strategies are effective and that any new risks are quickly