What does the step "Supervise" in the ORM process entail?

The step "Supervise" in the Operational Risk Management (ORM) process primarily entails monitoring the implementation of controls. This step is crucial as it ensures that the risk management strategies and measures that have been put in place are functioning as intended. By supervising, you assess whether the established controls are effectively mitigating risks and complying with the operational plans. This oversight helps to identify any discrepancies, inefficiencies, or new risks that may arise during operation.

Furthermore, active supervision provides an opportunity to make timely adjustments and improvements to the controls, ensuring that they remain relevant and effective in handling the operational context. Without this continuous monitoring, the effectiveness of risk management efforts could diminish over time, potentially leading to increased vulnerabilities within the operation.