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. The course is a total of six (6) hours delivered in four 90-minute sessions.
TRAINER: David 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.
PRICE: $715.00 incl.GST for Members
$858.00 incl. GST for Non-Members
CPD: 12 points
For Group Bookings please email firstname.lastname@example.org or call 0430 157 508.
To register for this event go to Upcoming Events for current courses available.