Risk Bow Tie diagrams are intuitive visual analysis tools that have become a key best practice within modern enterprise risk management programs. Learn how Essential ERM's unique approach to risk bow tie analysis delivers unmatched ease-of-use and value beyond that of any other system or manual template.
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Essential ERM's unique approach to bow tie analysis perfectly balances simplicity and ease-of-use with utility and value. Diagrams can be quickly created in group workshop sessions or by business users performing their own independent analysis. Select from pre-populated lists of causes, mitigations and consequences, or create new ones on the fly without leaving the diagram. Easily visualize multiple risk scenarios at once and highlight where controls should be strengthened or added.
Risk bow tie diagrams can be added into configurable risk templates in the Essential ERM system, providing insights and justification for risk ratings. Importantly, each item in the bow tie becomes its own record, allowing it to be reused in other risks, and providing easy click-through exploration of the many-to-many relationships that exist between risks, root causes, mitigations and consequences.
Mitigations (controls) can classified as existing or planned and expanded to rate their effectiveness. Where appropriate, controls can be linked to action plans that are assigned to individuals and configured for automated email reminders and update requests.
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