Both 考 (コウ) and 慮 (リョ) are read with their on'yomi. The long vowel for コウは important; こりょ is a common pronunciation error. It means to think carefully about something, taking various factors or consequences into account.

考慮は考(コウ)と慮(リョ)の音読みです。コウの長音を抜いた「こりょ」は誤りです。物事を決める際、様々な事情や条件を含めてよく考えることを意味します。