eRMIA: Root Cause & Risk Bow Tie Analysis (11, 12, 18 & 19 May 2021 PM)

12:30pm Tuesday, 11 May 2021
2:00pm Wednesday, 19 May 2021
Professional Development Course

Root Cause & Risk Bow Tie Analysis

An RMIA Virtual Course in partnership with The Protecht Group.

About

Root Cause and Bow Tie 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 workshop 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 Bow Tie will also be used to develop clear risk taxonomies and ensure risk descriptions are clear and consistent.

Course Overview

1.     The Case For Bow Tie Analysis - What are its uses?

  • A brief history 
  • Root Cause Analysis
  • Incident Management
  • A picture of Risk
  • A hub for integrating all risk information for comprehensive risk profiling

2.     The Building Blocks of Risk

  • Root Causes
  • Risk Events
  • Risk Impacts / Consequences
  • Failed Processes
  • Hazards
  • Defining Inherent Risk
  • The implications for Risk Definitions and Risk Taxonomies
  • Analysis of example risks

3.     The Nature and Types of Controls

  • What is and what is not a control
  • Types of control 
    • Preventive
    • Detective
    • Reactive/Corrective
    • Directive
  • Mapping controls to risks
  • Defining Residual Risk
  • Analysis of example controls

4.     Risk Bow Tie Analysis

  • The components of the Risk Bow Tie
  • Inherent and Residual Risk
  • Root Cause Analysis - The power of Why?
  • Linking Root Cause to Impact on Objectives - Asking "What Next?"
  • Adding Controls
  • Building Risk Bow Ties
  • Advanced techniques  
    • Risk interconnectivity
    • Splitting Bow Ties
    • Magnifying Bow Ties
  • Common Pitfalls

5.     Using Risk Bow Tie Analysis

  • Investigating and Managing Incidents
  • Supporting Risk Assessments - Likelihood, Impact and Velocity
  • Assisting the development of Risk Metrics and KRIs
  • Supporting effective Controls Assurance
  • Using as a framework for providing an integrated view of Risk

6.     Risk Taxonomies and Bow Ties

  • What is a risk taxonomy?
  • Which taxonomies: Causes, Events, Hazards, Impacts, Controls
  • Using Bow Tie Analysis to support your taxonomies
  • Defining risks consistently
  • Using risk taxonomies within Enterprise Risk Management

7.     Reporting using Bow Ties

  • Adding Bow Ties to your risk reporting
  • Adding risk information to the Bow Tie
  • Integrated dynamic risk profiling - the holy grail!

8.     Tools for Bow Tie and Root Cause analysis

  • Which tools to use?
  • Integrating Bow Ties into your ERM processes
  • What's next?

Format of the Course

This course is delivered in an entirely online COVID-Safe format. This event is offered as 4 x 90 minute live sessions (total 6 hrs) over 4 days via GoToTraining online.

About Your TrainerDavid Tattam from The Protecht Group

Author of 'A Short Guide to Operational Risk', David Tattam is an internationally recognised specialist in all facets of risk management, particularly at the enterprise level. David is the founder and current Director Research and Training for the Protecht Group, an Australian firm specialising in risk management software, consulting, advisory and training to a wide range of clients both locally and overseas. His career includes many years working with PwC, as well as two international banks. His achievements include the creation of the Middle Office (Risk Management Department) for The Industrial Bank of Japan in Australia and the complete implementation of all Australian operations, systems, procedures and controls for Westdeutsche Landesbank (WestLB). David’s passion is risk training, having developed numerous risk courses and trained many thousands over the past 2 decades. Protecht celebrated its 21st year in 2020.

Course Details

DATES & TIMES - THE SESSIONS:

Session 1          12:30pm - 2:00pm AEST on Tuesday, 11 May 2021

Session 2          12:30pm - 2:00pm AEST on Wednesday, 12 May 2021

Session 3          12:30pm - 2:00pm AEST on Tuesday, 18 May 2021

Session 4          12:30pm - 2:00pm AEST on Thursday, 19 May 2021

AEST = UTC +10:00

LOCATION: GoToTraining for all 4 Sessions

PRICE: $660.00 incl.GST for Members

$792.00 incl. GST for Non-Members

CPD: 12 points

When you register for this course you agree to the RMIA passing your registration details onto our Training Partner, The Protecht Group.

For Group Bookings please email events@rmia.org.au or call 0431 740 575.

The time on your ticket when issued is the RMIA server timezone and may differ to the time of the event in your timezone. Please check this registration page for correct TIMEZONE and ACTUAL SESSION TIMES. 

Registration for each session will close 24 hours prior to the event when final Zoom invitation details will be sent, we cannot guarantee receipt of the Zoom invitation details after this time.

 

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