What is the main purpose of risk monitoring in ORM?

The main purpose of risk monitoring in Operational Risk Management (ORM) is to track identified risks over time and evaluate the effectiveness of controls that have been implemented. This ongoing process is critical because risks are dynamic and can change due to various internal and external factors. By continually monitoring these risks, organizations can assess whether their controls are working as intended and make necessary adjustments to mitigate potential impacts.

Effective risk monitoring involves gathering data, analyzing trends, and maintaining awareness of new risks that may emerge. This approach ensures that organizations can respond promptly to any changes in the risk landscape, thereby enhancing their overall risk management strategy. The emphasis on tracking and evaluation helps in maintaining robust risk governance and improving decision-making processes.

The other options focus on different aspects of organizational objectives. Finalizing risk assessments relates to the initial phase of identifying and evaluating risks rather than the continuous process of monitoring. Maximizing revenue and expanding business operations are strategic objectives that, while important, do not specifically pertain to the ongoing management and oversight of operational risks. These functions could benefit from effective risk monitoring but are not the primary purpose of the monitoring process itself.