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A necessary risk with benefits that outweigh the costs.
Owen Kris
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What is the proper order of the five steps of the ORM process?
Identify Hazards; Assess Hazards; Make risk decisions; Implement Controls; Supervise
Navy ORM is a step process applied using principles at levels?
Navy ORM is a 5 step process, applied using 4 principles, at 3 levels. 5 steps are: Identify hazards , Assess hazards, Make risk decisions , Implement controls , Supervise (and watch for changes).
Four levels of risk in ORM?
Low, Medium, High, and Extremely High
High-risk endeavors may be undertaken when there is a clear knowledge that the sum of the benefits exceeds the sum of the costs ORM is about controlling risk not avoiding all risk?
True
What action does step 6 of the ORM Process include?
Supervise, Review, and Feedback
What type of risk is acceptable in the ORM process?
A necessary risk with benefits that outweigh the costs.
What type or risks is acceptable in the ORM process?
A necessary risk with benefits that outweigh the costs.
What is ORM TRACS?
A web-based tool for producing ORM assessments.
What are the fourth and fifth processes of the orm process?
Make risk control decisions and implement control measures
What are the fourth and fifth steps of the ORM process?
Make risk control decisions and implement control measures
PEACE is a pneumonic associated with which step in the Coast Guards Operational Risk Management (ORM) process?
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What is the definition of Operational Risk Management (ORM)?
The process of dealing with risk assoceiated within military operations, which includes risk assessment, risk decision making and implementation of effective risk controls
Which is one of the four principles of ORM?
Develop an implementation plan for risk control measures.
Which level of ORM applies all five steps of the ORM process?
deliberate
Do you have the answers to ORM University?
Even high-risk endeavors may be undertaken when there is a clear knowledge that the sum of the benefits exceeds the sum of the costs. ORM is about controlling risk, not avoiding all risk.
What is the proper order of the five steps of the ORM process?
Identify Hazards; Assess Hazards; Make risk decisions; Implement Controls; Supervise
What is ORM RMIS?
Risk Management Information System
