When it comes to making decisions informed by risk, each industry has its preferred risk assessment tools. A risk matrix is a common one, as is Failure Modes and Effects Analysis (FMEA).
One tool that doesn’t get as much attention is the bowtie risk assessment. The bowtie model is useful for visualizing complex risk scenarios where you don’t have historical data to create a risk matrix.
Let’s look at how different industries like aviation, energy, life sciences and manufacturing are using this risk model.Read More