The risk bow tie is a visual representation of the components of risk. It is shaped like a bow tie, with the risk at the center and the causes and consequences of the risk on either side. The bow tie can help clearly and concisely illustrate the key components of risk and can aid in risk assessment and management.
The risk bow tie consists of four main components: the risk, the causes, the consequences, and the controls. The risk is the event or situation that has the potential to cause harm or loss. The causes are the factors or conditions that can lead to the risk occurrence.
The consequences are the potential impacts or outcomes of the risk, including harm, loss, or damage. The controls are the measures or actions that can be taken to prevent or mitigate the risk.
The risk bow tie can be a useful tool for risk managers, as it provides a clear and visual representation of the key components of risk. By identifying and understanding these components, risk managers can develop more effective strategies to prevent or mitigate the risks they face.
You can find more about risk bow-tie in this article.
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