What is the primary goal of operational risk management (ORM)?

The primary goal of operational risk management (ORM) is to minimize hazards and manage risks effectively. ORM involves identifying potential risks that could affect an organization's operations, evaluating their potential impact, and implementing strategies to mitigate those risks. This ensures that operations can continue smoothly while protecting personnel, assets, and the environment.

By focusing on minimizing hazards and managing risks, ORM creates a culture of safety and awareness, allowing organizations to proactively address risks before they lead to incidents or accidents. This proactive approach not only protects the workforce and resources but also enhances overall organizational resilience, enabling continued operations even in challenging conditions.

While increasing operational effectiveness, enhancing training opportunities, and ensuring compliance with regulations are important aspects of overall organizational management, they are more conditional or secondary to the fundamental aim of ORM, which is centered around risk reduction and safety management.