What are the three levels of Operational Risk Management?

The three levels of Operational Risk Management (ORM) are indeed in-depth, deliberate, and time critical. This framework is designed to manage risks by categorizing them based on the complexity and urgency of the decision-making process involved.

In-depth ORM involves detailed planning and thorough analysis of risks, typically applied in situations where the stakes are high, and decisions require comprehensive investigation and assessment. This level ensures that all potential risks are identified and that satisfactory measures are in place before execution.

Deliberate ORM is used in scenarios that allow for some time to evaluate risks and make informed decisions. This includes situations where there is sufficient time to analyze the situation, gather input from various sources, and weigh the options carefully. It emphasizes careful consideration over immediate action.

Time-critical ORM applies when there is a pressing need to act quickly. In such situations, immediate decisions must be made based on observable risks and available information, often relying on established protocols and past experience to make fast but still informed choices.

This structured approach helps individuals and organizations to effectively manage operational risks across different contexts and conditions, ensuring safety and success in their missions or operations.