In ORM, what does the term “Implement Controls” refer to?

The term "Implement Controls" in Operational Risk Management (ORM) specifically refers to the process of putting accepted risk measures into action. This involves taking the strategies that have been identified as appropriate responses to various risks and executing them in practice to mitigate those risks effectively.

When risks are assessed and determined to be acceptable or unacceptable, implementing controls is the next step to ensure that the identified measures are not just theoretical but actively integrated into the organization’s operations. This could involve establishing policies, procedures, and practices that reduce or eliminate potential hazards, thereby ensuring a safer and more efficient working environment.

By taking concrete actions based on the risk assessments, organizations can actively manage and reduce risks, which is the essence of effective risk management. This step is crucial because it transforms identified strategies into practical applications, ultimately enhancing both safety and operational integrity.