What does I AM IS stand for in ORM?

What does I AM IS stand for in ORM?

• A. Identify hazards, Assess hazards, Make risk decisions, Implement controls, Supervise
• B. Identify actions, Measure outcomes, Initiate safety, Manage resources, Inspect
• C. Inspect, Analyze, Mitigate, Implement, Sustain
• D. Initiate, Assess, Monitor, Integrate, Systematize

Answer: (A)

I AM IS is the five-step approach used in Operational Risk Management to handle risk in a typical mission or task. It breaks down as Identify hazards, Assess hazards, Make risk decisions, Implement controls, and Supervise. The strength of this sequence is that it starts by spotting all potential dangers in the plan or environment, then evaluates how serious or likely each hazard is. With that understanding, you decide what level of risk you’re willing to accept and select appropriate controls to reduce that risk. After implementing those controls, you keep an eye on the operation to ensure the measures work and remain effective as things change. This flow—find, evaluate, decide, act, monitor—keeps risk management proactive and integrated into the task rather than an afterthought. Other options don’t fit because they use terms that don’t align with how ORM structures risk management. They might swap in actions like “Identify actions,” “Measure outcomes,” or “Inspect,” which miss the focused steps of identifying hazards, assessing their risk, making risk decisions, implementing controls, and supervising to verify ongoing effectiveness.

I AM IS is the five-step approach used in Operational Risk Management to handle risk in a typical mission or task. It breaks down as Identify hazards, Assess hazards, Make risk decisions, Implement controls, and Supervise. The strength of this sequence is that it starts by spotting all potential dangers in the plan or environment, then evaluates how serious or likely each hazard is. With that understanding, you decide what level of risk you’re willing to accept and select appropriate controls to reduce that risk. After implementing those controls, you keep an eye on the operation to ensure the measures work and remain effective as things change. This flow—find, evaluate, decide, act, monitor—keeps risk management proactive and integrated into the task rather than an afterthought.

Other options don’t fit because they use terms that don’t align with how ORM structures risk management. They might swap in actions like “Identify actions,” “Measure outcomes,” or “Inspect,” which miss the focused steps of identifying hazards, assessing their risk, making risk decisions, implementing controls, and supervising to verify ongoing effectiveness.