What aspect of ORM emphasizes ongoing review and adjustment in risk management practices?

The aspect of Operational Risk Management (ORM) that emphasizes ongoing review and adjustment in risk management practices is the concept of a Continuous Process. This reflects the dynamic nature of risk management, wherein organizations must consistently monitor, evaluate, and refine their risk management strategies to adapt to new information, changing environments, and emerging risks.

A continuous process means that risk management is not a one-time effort; it involves regular updates and revisions based on the current risk landscape. This approach allows organizations to identify and respond swiftly to potential risks, ensuring that their risk management frameworks remain effective and relevant.

In contrast, static analysis implies a fixed view of risks that does not evolve over time, making it less effective in dynamic environments. Environmental assessment typically focuses on evaluating external factors that might impact risks, while periodic review suggests a timed approach rather than an ongoing, fluid process. The continuous process captures the essence of ORM by fostering a proactive and adaptable risk management culture.