Risk bow ties and root cause analysis.

In this course, David Tattam, Chief Research and Content Officer at Protecht, provides an introduction to the principles of bow tie analysis, leading into hands-on exercises in creating risk bow ties.

Bow tie and root cause analysis are the keys to the effective and proactive management of risk. Prevention is better than cure and prevention comes from managing risk at its source, the root causes. In addition, root cause analysis applied to incident management allows us to understand where things went wrong, to identify the issues and develop actions to remediate.

This course provides you with a detailed working knowledge of the risk bow tie analysis technique and its application in not only root cause analysis but in providing a wider and more intimate knowledge of your risks. Risk bow ties should be at the centre of everything we do in risk management. 

The deep analysis of risk using risk bow tie will also be used to develop clear risk taxonomies and ensure risk descriptions are clear and consistent.

Course overview

In this course, you'll learn:

1. The case for bow tie analysis - what are its uses?

• The value add of risk bow ties
• Use cases for risk bow ties
• Root cause analysis
• Incident management
• A picture of risk
• A hub for integrating all risk information for comprehensive risk profiling

2. Nature and components of risk and bow tie analysis

• Root causes
• Risk events
• Risk impacts/consequences
• Failed processes
• Defining inherent risk
• The implications for risk definitions and risk taxonomies
• Mapping controls to a risk bow tie

3. Various risk analysis techniques

• Summary of similar risk analysis techniques in ISO 31010

4. A history of bow ties

• Where did risk bow ties originate?
• Popularisation of risk bow ties

5. The principles of bow tie analysis

• Breaking out the components of risk
• Root cause analysis - the power of why?
• Linking root cause to impact on objectives - asking "what next?"
• The types of controls that can be applied to the risk bow tie

6. The methods of bow tie analysis

• The barrier method
• The comprehensive method
• Skills for effective risk bow ties

7. The methods of root cause analysis

• Common root causes
• Using risk bow ties to analyse incidents
• Key weaknesses to identify when conducting root cause analysis

8. Use cases for bow tie and root causes

• Integrating into your ERM framework
• Control assurance and controls assessment
• Identification of risk metrics
• Incident management
• Issues and actions management
• Compliance risk
• Communicating and reporting

9. Who should use the techniques?

• Everyone as a risk manager
• Risk bow ties for boards

10. When should the techniques be used?

• Cadence of risk management
• Alignment with risk management processes
• Tools to use to create risk bow ties

Course expectations

• Watch 31 videos
• Answer 14 knowledge questions
• Complete 3 interactive bow ties
• Answer 10 quiz questions

Timings

• 3 hours 30 minutes of video content
• 4-5 hours for the whole course

Cost

• US$600 payable by credit card on registration

Next steps

You can purchase this course on-demand via Protecht Academy by credit card.

This course is aligned with the RMIA's certification pathway for Certified Practicing Risk Associate and Certified Practicing Risk Manager. It can be purchased as part of a learning plan towards these qualifications. Find out more about RMIA certifications.

Please contact Protecht directly if you would like to discuss packages to implement this training across your organisation. Bulk discounts are available and packages can be invoiced in your local currency.