What is one of the key components of the ORM process?

Identifying risks and implementing control measures is a fundamental aspect of the Operational Risk Management (ORM) process. This component focuses on systematically recognizing potential risks that could adversely affect operations and developing strategies to mitigate those risks. By identifying hazards, evaluating their impacts, and prioritizing them based on their potential consequences, organizations can proactively manage risks rather than reacting to issues after they arise. Control measures are then put in place to reduce or eliminate these risks, which is essential to maintaining operational integrity and achieving strategic objectives.

The other options mention aspects such as resources, communication channels, and cost-cutting, which might support the ORM process but do not directly address the core function of ORM, which is risk identification and management. The essence of ORM revolves around ensuring safety and effectiveness through proactive risk management strategies.