Risk Bow Tie 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.

Course Launch: On-Demand

Course Access: 90 days from date of purchase

Time:
5 Hours

About This Course

Course Description

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?

Popularization 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

About Our Experts

David Tattam is the Chief Research & Content Officer and co-founder of the Protecht Group. David's vision is to redefine the way the world thinks about risk and to develop risk management to its rightful place as being a key driver of value creation in each of Protecht's customers.

Michael Howell is Protecht's Research and Content Lead. He is passionate about the field of risk management and related disciplines, with a focus on helping organisations succeed using a ‘decisions eyes wide open’ approach.

Continued Risk Learning Credits: 5

PRMIA Continued Risk Learning (CRL) programs provide you with the opportunity to formally recognize your professional development, documenting your evolution as a risk professional. Employers can see that you are not static, making you a highly valued, dynamic, and desirable employee. The CRL program is open to all Contributing, Sustaining, and Risk Leader members, providing a convenient and easily accessible way to submit, manage, track and document your activities online through the PRMIA CRL Center. To request CRL credits, please email [email protected].

Registration

Membership Type Price

Members $479

Non-members $599

If this is your first time accessing the PRMIA website you will need to create a short user profile to register. Save on registration by becoming a member.

Register Now

About This Course

Course Description 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? Popularization 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

About Our Experts



David Tattam is the Chief Research & Content Officer and co-founder of the Protecht Group. David's vision is to redefine the way the world thinks about risk and to develop risk management to its rightful place as being a key driver of value creation in each of Protecht's customers. Michael Howell is Protecht's Research and Content Lead. He is passionate about the field of risk management and related disciplines, with a focus on helping organisations succeed using a ‘decisions eyes wide open’ approach.