Which step involves monitoring the situation in the ORM process?

In the Operational Risk Management (ORM) process, monitoring the situation is a critical aspect that directly ties into the ongoing evaluation of risks and the effectiveness of the implemented controls. Step 7 in the ORM process specifically focuses on "Supervise and Evaluate," where the need for continuous oversight of the risk management plan is emphasized. This step involves ensuring that the identified risks are managed appropriately and that any changes in the situation are recognized and addressed promptly.

By implementing monitoring during this step, personnel can adapt to new information and developments, adjust strategies as needed, and ultimately enhance safety and operational effectiveness. It's essential because it allows for real-time adjustments to be made in response to changing conditions, thereby maintaining a proactive approach to risk management. Thus, this focus on ongoing supervision and evaluation confirms why this step is integral in the ORM process.