Operational risk management is a set of skills used in running and maintaining a business effectively. It is a continual cyclic methodological process that involves risk assessment, decision making in risk, and risk control implementation. This implementation of risk control will either lead to acceptance, avoidance or mitigation of risks. 

ORM oversees business operational risks which includes the risk of loss which might result from non-working or inadequate internal processes, human factors or even external factors. You can also hire professionals to install software for operational risk management via https://drivingoe.com/solutions/operational-risk-management/.

There are three levels of operational risk management:

In Depth

This level of operational risk management is used before the implementation of a project, when there is enough time to strategize, plan and prepare. This level can be exemplified in training, writing out instructions and requirements, and purchasing personal protective equipment.

Deliberate

Deliberate risk management is applied in between the project implementation period. Examples are quality assurance or quality control, on-the-job training, performance reviews, safety briefs and checks.

Time Critical

This level or ORM is implemented at the time of task execution or during operational exercises. It can be defined to be the use of risk management concepts by all the available resources like individuals, teams and crews within a limited time.