I just checked it and came to the conclusion that the process described is inadequate for the forum as most of its measures are strictly for the mailing list, while ignoring additional possbilites you have in a forum. E.g. on a ML there is no way to make a mail unsent once it is out, but in a forum you can edit out offensive content.
Also, some of the rules would be overly optimisitic for the forum with its multitude of subforums. Like “arrange a meeting of the moderator team and achieve consens before acting”. Most of the time, you have only one moderator, or you’re lucky if you get a quick response by one out of three existing moderators. I have seen reports in the forum which still lacked any response after a week. And in the worst cases, we have a legal liability to remove illegal content fast. I admit I only had to remove stuff relevant for the attourney once so far - but once would be enough for OSM.
So it definitely would have to be reworked.