Root Cause and Risk Bow Tie Analysis

An RMIA Virtual Course in partnership with The Protecht Group.


A strong definition of your risks and the building of robust risk taxonomies and central risk libraries is the core to delivering truly integrated risk management.

Coupled with a deep understanding and analysis of each key risk provides the foundation in which great risk management should be built.

This workshop provides you with the skills and knowledge to build strong risk libraries and risk descriptions that are consistent and easy to understand. It also provides an in-depth understanding of the Risk Bow Tie techniques for analysing risk and the importance of linking the bow ties to your risk taxonomies.

Course Overview

1.     The Case For Strong Risk Analysis and Strong Risk Taxonomies

  • Use of risk analysis in ERM
  • Importance and role of central risk taxonomies – the key to integration and aggregation.

2.     The Components of Risk

  • Root Causes
  • Risk Events
  • Risk Impacts / Consequences
  • Hazards
  • 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
  • Mapping controls to risks
  • Analysis of example controls

4.     Risk Bow Tie Analysis

  • The components of the Risk Bow Tie
  • Inherent and Residual Risk
  • Root Cause Analysis
  • Linking Root Cause to Impact in Objectives
  • Adding Controls
  • Building Risk Bow Ties

5.     Using Risk Bow Tie Analysis

  • Use in Incident Management
  • Use in Risk Assessment
  • Using as the centre of your ERM

6.     Risk Taxonomies

  • What is a risk taxonomy?
  • Which taxonomies: Causes, Events, Hazards, Impacts, Controls
  • Using risk taxonomies in ERM

7.     Defining Risk Consistently

  • Risk Event focussed
  • Risk Statements
  • The typical key Risk Events


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.

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.

PRICE: $660.00 incl.GST for Members

$792.00 incl. GST for Non-Members

CPD: 12 points

For Group Bookings please email or call 0431 740 575.

To register for this event go to Upcoming Events for current courses available.