Which stage involves implementing strategies to minimize risks in ORM?

The correct answer is implementing controls, as this stage directly involves the execution of strategies designed to reduce or eliminate risks that have been identified through prior stages of operational risk management (ORM). During this phase, specific measures, protocols, or tools are put into place to mitigate the risks associated with hazards that have been recognized and assessed.

Effective implementation of controls ensures that the risks are managed proactively, providing a structured approach to safety and risk mitigation in various environments, whether in engineering, operations, or project management. This could include developing standard operating procedures, training staff, or introducing new technologies designed to reduce risk.

The other stages such as identifying hazards and assessing hazards lay the groundwork for this process, but they do not directly involve the application of risk management strategies. Supervision focuses more on overseeing the implementation and ensuring compliance with established controls rather than the direct act of implementing those controls themselves. Thus, while all stages are crucial in ORM, it is the implementation of controls that specifically addresses the action of minimizing risks.