ISO 31010, Risk Assessment Techniques, lists Bowtie analysis as a simple diagrammatic way of describing and analyzing the pathways of a risk from hazards to outcomes and reviewing controls. It can be considered a combination of the logic of a fault tree analyzing the cause of an event, and an event tree analyzing the consequences.
With the ever increasing use of risk assessment and the myriad of methods and techniques, Bowtie analysis is medium in complexity. It identifies both the activities that keep a control working and who is responsible for a Control. It can also be used effectively to assure that hazards are managed to an acceptable level (ALARP).
Paul Esposito, President of STAR Consultants, Inc., will be presenting “Bowtie Risk Assessment – Tips and Tricks for Success” in session 561 for professionals looking for a bit more rigor in the risk assessment process.