Risk Bow Tie and Root Cause Analysis
Risk Bow Tie and Root Cause Analysis
An RMIA Virtual Course in partnership with The Protecht Group.
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 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.
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
- 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
- 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 Trainer: David Tattam, Chief Research & Content Officer, The Protecht Group
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 pioneer the development of risk management to its rightful place as a key driver of value creation in each of Protecht’s clients. David is the driving force behind Protecht’s risk thinking, pushing risk management to the frontiers of what is possible. He is also focused on driving the uplift of people risk capability through training and content.
David is passionate about risk and risk management and in reaping the value that risk and good risk management can create for any organisation willing to embrace it. He is particularly passionate about risk management research and is prolific in creating a wide range of content delivered in blogs, ebooks, webinars and training courses. He has developed Protecht’s comprehensive suite of risk management training courses and has, and continues, to train many thousands of risk practitioners across the globe. David also manages Protecht’s consulting business offering a range of risk consulting capabilities from Risk Management Framework to Risk Appetite Statement development.
He is also the author of "A Short Guide to Operational Risk".
DATES & TIMES - THE SESSIONS:
Session 1 12:30pm - 2:00pm AEDT on Wednesday, 2 March 2022
Session 2 12:30pm - 2:00pm AEDT on Thursday, 3 March 2022
Session 3 12:30pm - 2:00pm AEDT on Wednesday, 9 March 2022
Session 4 12:30pm - 2:00pm AEDT on Thursday, 10 March 2022
AEDT = UTC +11:00 Daylight Savings
LOCATION: GoToTraining for all 4 Sessions
PRICE: $715.00 incl.GST for Members
$858.00 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 firstname.lastname@example.org or call 0430 157 508.
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.