Which of the following is NOT a principle of ORM?

The principle that states "Eliminate all risks entirely" is not a principle of Operational Risk Management (ORM). ORM recognizes that risk is an inherent part of any operation, and while managing and mitigating risks is essential, it is not feasible to eliminate all risks. In fact, certain risks might be acceptable if the potential benefits outweigh the costs or if they can be effectively managed through planning and other risk management strategies.

InORM, the focus is on understanding, assessing, and prioritizing risks in order to make informed decisions rather than attempting to completely eradicate every possible risk, which is not realistic or practical. Thus, the correct recognition of ORM principles involves accepting that some level of risk will always exist and that the goal is to manage it effectively rather than aim for complete elimination.