What is one of the main purposes of effective communication within ORM?

Effective communication within Operational Risk Management (ORM) plays a crucial role in ensuring that all stakeholders are well-informed about the risks the organization faces and the strategies in place to mitigate those risks. This communication helps to foster a shared understanding of potential challenges and the approaches taken to address them. By informing stakeholders, including management, employees, and potentially even clients or regulators, organizations can create an environment conducive to proactive risk management, encourage collaboration, and build trust.

Communicating risks and strategies effectively also aids in aligning the organization's objectives with its risk management framework, ensuring that everyone is aware of their roles in managing those risks. This collective awareness enables more informed decision-making, promotes accountability, and encourages participation in the ORM process.

The other options address aspects of operational efficiency or cost management, but they do not capture the fundamental purpose of communication in ORM, which primarily revolves around sharing critical information regarding risks and responses, facilitating a culture of risk awareness and responsiveness throughout the organization.