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Operational Risk Management (ORM) refers to the systematic process of identifying, assessing, and mitigating risks associated with business operations. It encompasses all aspects of an organization's activities, including project management and the functioning of a Project Management Office (PMO). ORM aims to minimize operational losses and improve overall performance by ensuring that risks are identified early and managed effectively. It involves establishing clear policies, procedures, and controls to manage risks and monitoring their implementation to ensure compliance. The ultimate goal of ORM is to enable an organization to achieve its objectives while managing the potential negative impacts of operational risks.