What step follows making risk decisions in the ORM five steps?

After making risk decisions in the ORM (Operational Risk Management) process, the next step is to implement controls. This step involves putting in place the measures that will mitigate or eliminate the risks that were identified and assessed earlier in the process.

Implementing controls ensures that the decisions made regarding risk are actively put into practice, which may include training personnel, establishing safety protocols, or utilizing protective equipment. This is a critical phase as it translates theoretical risk management strategies into actionable steps, contributing to the overall safety and efficiency of operations.

Without this implementation phase, even well-informed risk decisions would remain theoretical, and their potential benefit in reducing risk would not be realized. This makes the implementation of controls essential for the effective management of operational risks.