If you want to remove the mystery of risk management and learn an easy way to fully understand, communicate, monitor and review risk there is no better method than that of the bow-ties.
A picture is worth one thousand words. The pictorial representation of risk assessment facilitates the communication of risk information through visual representation of a risk or hazard, its route causes and its consequences. Preventive, detective and recovery controls or barriers and escalating factors and their effectiveness, along with the risk (hazard), its route causes and potential consequences are depicted in a simple one- page diagram.
Bow ties are an excellent tool for communicating risk – its causes, consequences and controls and making risk understandable.
Bow ties can be used for identifying and analysing risks and their causes using a logical structured approach. They can be used by risk managers for risk monitoring and reviewing, by auditors for conducting risk audits, by management for decision making, by risk owners and other stakeholders for understanding, managing, monitoring and reviewing risk.
Developed and widely used in high risk industries like oil and gas and aviation the use of the bow tie methodology is now spreading rapidly within the service industries, especially financial services.
This is a one day introductory course which shall introduce participants to the concepts of uncertainty, risk and risk management methodology. The course will introduce the concepts of hazard and top event, threats consequences, barriers and escalating factors, and shall explain the process of developing a bow tie diagram.
Through workshops using real life examples from their own working experience participants shall be able to develop their own bow tie risk assessment diagrams.
By the end of the programme, participants will:
- Understand what uncertainty is, and what risk is
- Understand what a bow tie is and its advantages and limitations
- Understand what a hazard and a top event are,
- Know how to describe a hazard
- Understand root causes and root cause analysis
- Understand what preventative and recovery barriers are, and escalating factors
- Understand risk velocity
- Understand the process of developing bow tie diagrams using practical examples and workshops
- Be able to develop Bow tie risk assessment diagrams
- What is uncertainty?
- What is risk?
- The risk management process risk assessment
- Risk Assessment
- Risk Identification
- Risk Analysis
- Risk Evaluation
- Risk Treatment
- What is a Bow tie diagram?
- Advantages and limitations of the bow tie
- The bow tie methodology
- Hazards and top events
- Threats and their root causes
- Consequences and impact
- Escalating factors
- Risk Velocity
- Link between bow tie and management systems
- Constructing a bow tie diagram
- Practical workshop
- Developing bow tie diagrams using real life examples
The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, presentations, case-studies and real -life examples.
Participants will benefit from feedback at the end of the programme and take away the knowledge gained to be transferred to their workplace. Significant time will be invested in analysing real-life examples that will help participants understand the bow tie methodology and develop their own bow ties.
This programme may be approved for up to 7 CPD units in Risk Management. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
Who Should Attend
The programme is ideal for:
- C-Level Executives and Senior Managers
- Compliance Officers
- Project managers
- Risk managers
- Health and safety officers
- Finance and accounting managers
- Investment executives and managers
- Internal auditors
- Internal Lawyers
- External Auditors, Lawyers and Financial Consultants