In the operational risk management process, what is determined during the "evaluate" step?

During the "evaluate" step of the operational risk management process, the effectiveness of the risk management plan is assessed. This step involves analyzing the data and information gathered during earlier phases to determine whether the strategies and controls implemented are effectively mitigating risks as intended. The evaluation focuses on identifying any gaps or weaknesses in the current risk management strategies, thereby ensuring that the organization is adequately prepared to handle potential operational risks. By confirming that the risk management plan is functioning correctly, the organization can make informed decisions on necessary adjustments or improvements, contributing to better risk mitigation and overall safety.

In the context of the other options, while resources might need to be confirmed, and control hazards generally need to be in place, these aspects do not specifically pertain to evaluating the performance of the risk management plan itself. Assignments across teams are also important, but they are more relevant to the implementation phase rather than evaluating efficacy.