Which of the following is NOT a step in the Operational Risk Management five-step process?

The process of Operational Risk Management (ORM) consists of a systematic method designed to identify, assess, and manage risks. This process is typically broken down into five key steps: Identify Hazards, Assess Hazards, Develop Controls and Make Risk Decisions, Implement Controls, and Supervise and Review.

In this context, "Create a Backup Plan" is not recognized as one of the official steps in the ORM five-step process. While having a backup plan is certainly an important part of overall risk management and can be a strategy for handling identified risks, it does not fit within the structured five-step framework specifically defined for ORM. Each of the other options—identifying hazards, implementing controls, and assessing hazards—are integral parts of the ORM process, as they directly relate to the analysis and management of risks based on potential hazards.