BowTie

BowTie Software Solution for Capturing and Managing Risk

Active Risk Manager - BowTie Visual Risk Assessment Software

BowTie, a feature of Active Risk Manager allows users to create classic Bow-Tie risk models, including causes, consequences, preventative and reactive controls to corporate risks through an easy to use graphical and diagrammatical interface.

The profile and value derived from Risk Management continue to grow with ever expanding areas of businesses getting involved in Risk Management to support business performance and satisfy regulatory and board requirements.

As Risk Managers, it can be difficult to engage fully with the business users and risk owners you need involved in the process, and effectively communicate risk information to stakeholders and management.

Through Active Risk Manager’s BowTie feature, those involved in risk throughout the organisation can understand, visualize and appreciate the severity of risks clearly and comprehensively.

Often, areas of the business have different risk management practices – for example, some focus more on controls, causes and consequences. It can be a challenge for the risk group to support these differing approaches and viewpoints, and aggregate the information efficiently without using a myriad of different tools. Through ARM’s BowTie tool, organizations can create a more holistic approach to risk, using systematic and simplified processes..

Features of ARM BowTie Software Solution for Risk Visualisation

  • Create Bow-Ties including causes and consequences, preventative and reactive controls. Suitable for use in workshops to capture risks, control actions, and other ARM elements.
  • Easily brainstorm risks and capture information visually to identify full scope of risks and develop plans
  • Use ARM BowTie diagram layouts to present and explain risk and mitigation components to stakeholders without lots of text.
  • See at a glance which controls require attention on your key risks.
  • Quickly create and edit Bow-Ties using ARM BowTie in line editing.
  • Trigger instant notifications to the relevant people as elements are created and assigned for action.
  • Tailor your Bow-Ties to use custom labels in order to fit your department, organization or personal preference on terminology.
  • Open, edit and add to existing risk information in the ARM BowTie interface to view your existing risks from a Bow
  • Tie view point.
  • Leverage ARMs (Link to Active Risk Manager) sophisticated scoring in order to score Bow-Tie risks on existing or new scoring schemes and aggregate alongside other enterprise risk information.
  • Export Bow-Ties to PDF in order to easily share ahead of Risk review sessions.
  • Import Bow-Tie risks from Excel and export to common data applications.
  • Use all of ARMs usual powerful features such as filtering, searching, reporting, roll up and more as Bow-Tie risks integrate seamlessly alongside other risks in the ARM repository.

BowTie FAQs

What is the BowTie model or BowTie risk analysis?
The BowTie or Bowtie method is a common risk evaluation method that helps to analyse and demonstrate relationships between causes of potential threats, suitable preventative barriers, the incident scenario or event itself and the consequences of the event, with recovery or mitigation steps factored in.

What does a BowTie model cover
In its simplest form, a BowTie Model identifies an Event, Causes and Consequences. The event is something potentally damaging found in or around an organisation. Causes are specific actions or inactions which cause the event to take place and Consequences are the result from the event. Organisations can implement controls to interrupt the scenario so it does not occur or reduce the impact or level of escalation.

How do you read a BowTie diagram?
A BowTie diagram is highly visual and intuitive so can be read easily by any individual with knowledge of an organization or risk management fundamentals. It should be used as an overview of risk management practices relating to a specific event and supplemented by an Enterprise Risk Management system such as Active Risk Manager .

ARM BowTie

ARM BowTie allows users to create classic Bow-Tie structures.