SWE Operational Risk Management

Flashcard maker : Lily Taylor
What are the Seven Steps of the ORM Process
1. Identify Mission Tasks
2. Identify Havards
3. Assess Risks
4. Identify Options
5. Evaluate Risk vs. Gain
6. Execute Decision
7. Monitor Situation
In the Assess Risks section of the ORM what does SPE stand for?
S – Severity
P – Probability
E – Exposure
In the identify options section of ORM what does STAAR stand for?
S – Spread Out
T – Transfer
A – Avoid
A – Accept
R – Reduce
In the Identify Havards section of the ORM what does PEACE stand for?
P – Planning
E – Event Complexity
A – Asset Selection
C – Communications
E – Environmental Conditions
In the Risk Assessment Model of the ORM risk equals what?
Risk = Severity X Probability X Exposure
What is step one of the ORM Process?
Identify Mission Task
What is step 2 of the ORM Process?
Identify Hazards
What is step 3 of the ORM Process?
Assess Risks
What is step 4 of the ORM Process?
Identify Options
What is step 5 of the ORM Process?
Evaluate Risk vs Gain
What is step 6 of the ORM Process?
Execute Decision
What is step 7 of the ORM Process?
Monitor Situation

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