Which of the following is not part of the ORM process?

The correct answer is that revising procedures is not typically considered part of the ORM (Operational Risk Management) process. ORM is focused on identifying, assessing, and managing risks associated with operations. It encompasses several key elements, such as implementing controls to mitigate risks, assessing performance to evaluate the effectiveness of those controls, and supervising effectively to ensure that procedures and safety measures are being followed.

In the context of ORM, revising procedures might occur as a result of the risk management process, especially if assessments reveal weaknesses or areas for improvement. However, revising procedures is more of a reactive measure and not a defined component of the core ORM activities itself. The emphasis within ORM is on managing risks through proactive steps rather than solely focusing on updating or revising documents after issues are identified. This distinction highlights the essence of effective risk management, which is to implement controls and monitor performance continuously, rather than waiting for procedural revisions to occur in response to identified risks.