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Unbelievably comprehensive yet simplified. I have a greater understanding and appreciation of the bow-tie method. Risk also considers not just Threat, but Opportunities, thus making the KRI all-encompassing from a organizational performance measurement point of view rivalling perhaps the balanced scorecard approach to organizational performance. I am still wrapping my head around that.
Thank you very much for this insightful education. I have learnt a lot and am gonna improve my work as a Senior Governance Manager. This is a valuable contribution to my knowledge
An excellent explanation of Bowtie analysis. I created one from scratch using Someka's Bowtie template. This kind of videos has always been helpful. Thank you!
16:50 Confusion in assessing the size of a risk: Relationship of likelihood and consequence. Understanding and appreciating what are we assessing the likelihood and consequence of? Its the main risk event, its the center of the BOW TIE. Risk controlled event prior to the BOW TIE is a reduce of likelihood of the risk of happening(the main event). Risk control after is an impact reducer.
10:40 in the initial BOW TIE you state the cause as being a poor or weak control. When you get a BOW TIE initially and the cause of that is lack of training is wrong. Its not the lack of training the cause is human error. The control is training and 'its not very good'. That comes later. Avoid stating poor/weak controls are cause. They are n not. They are poor controls over some other cause or risk that you're are trying to deal with.
