PAPER VERIFIED QUESTIONS AND
ANSWERS
◉ CONCEPT OF OPERATIONAL RISK MANAGEMENT. Answer:
INCREASE OUR ABILITY TO MAKE INFORMED DECISIONS BY
PROVIDING THE BEST BASELINE OF KNOWLEDGE AND
EXPERIENCE AVAILABLE.
◉ CONCEPT OF ORM. Answer: MINIMIZES RISKS TO
ACCEPTABLE LEVELS COMMENSURATE WITH MISSION
ACCOMPLISHMENT. THE AMOUNT OF RISK WE WILL TAKE IN
WAR IS MUCH GREATER THAN THAT WE SHOULD BE
WILLING TO TAKE IN PEACE, BUT THE PROCESS, IS THE
SAME. APPLYING THE ORM PROCESS WILL REDUCE
MISHAPS, LOWER COSTS, AND PROVIDE MORE EFFICIENT
USE OF RESOURCES.
◉ HAZARD. Answer: A CONDITION WITH THE POTENTIAL TO
CAUSE PERSONAL INJURY OR DEATH, PROPERTY DAMAGE
OR MISSION DEGRADATION.
◉ RISK. Answer: AN EXPRESSION OF POSSIBLE LOSS IN TERMS
AND SEVERITY AND PROBABILITY.
, ◉ RISK ASSESSMENT. Answer: THE PROCESS OF DETECTING
HAZARDS AND ASSESSING ASSOCIATED RISKS.
◉ THE FIVE STEP PROCESS OF ORM. Answer: IDENTIFYING
HAZARDS, ASSESS HAZARDS, MAKE RISK DECISIONS,
IMPLEMENT CONTROLS, SUPERVISE.
◉ IDENTIFY HAZARDS. Answer: BEGIN WITH AN OUTLINE OR
CHART OF THE MAJOR STEPS IN THE OPERATION
(OPERATIONAL ANALYSIS). NEXT CONDUCT A PRELIMINARY
HAZARD ANALYSIS BY LISTING ALL OF THE HAZARDS
ASSOCIATED WITH EACH STEP IN THE OPERATIONAL
ANALYSIS ALONG WITH POSSIBLE CAUSES FOR THOSE
HAZARDS.
◉ ASSESS HAZARDS. Answer: FOR EACH HAZARD IDENTIFIED,
DETERMINE THE ASSOCIATED DEGREE OF RISK IN TERMS OF
PROBABILITY AND SEVERITY. ALTHOUGH NOT REQUIRED,
THE USE OF A MATRIX MAY BE HELPFUL IN ASSESSING
HAZARDS.
◉ MAKE RISK DECISIONS. Answer: FIRST, DEVELOP RISK
CONTROL OPTIONS. START WITH THE MOST SERIOUS RISK
FIRST AND SELECT CONTROLS THAT WILL REDUCE THE RISK
TO A MINIMUM CONSISTENT WITH MISSION
ACCOMPLISHMENT. WITH SELECTED CONTROLS IN PLACE,
DECIDE IF THE BENEFIT OF THE OPERATION OUTWEIGHS
THE RISK. IF RISK OUTWEIGHS BENEFITS OR IF ASSISTANCE