What is the purpose of implementing controls in the ORM process?

Implementing controls in the Operational Risk Management (ORM) process is fundamentally about ensuring that there is a clear, systematic approach for communicating plans and assigning accountability among team members. By doing so, it creates an organized framework where each individual understands their responsibilities related to risk management, enabling them to act decisively and in alignment with the overall mission objectives.

The communication of the plan is critical because it helps in setting expectations and making sure that everyone is on the same page regarding the risks identified and the measures in place to mitigate them. When accountability is clearly assigned, it fosters ownership of risk management activities, encouraging proactive behavior in addressing risks and ensuring that necessary procedures are followed. This structured approach minimizes the likelihood of misunderstandings or oversights, aligning team efforts toward achieving the mission safely and effectively.

While determining effectiveness of the mission, analyzing previous incidents, and establishing risk assessment codes are important aspects of risk management, they do not directly address the foundational role that clear communication and accountability play in the successful implementation of controls within the ORM process.