Identifying a risk event is only the first step. To manage it effectively, risk teams must understand its underlying causes and potential consequences. Teams use tools like the Fishbone Model and Bow-Tie Architecture to map these relationships.
The Bow-Tie Risk Architecture
The Bow-Tie model provides a clear layout that connects the causes of a risk event to its downstream impacts. It maps both preventative and mitigating controls in a single visual:
[Potential Cause A] ---> [Preventative Control] 
                               |
                               v
                       ===> (RISK EVENT) ===> [Mitigating Control] ---> [Impact Level X]
                               ^
                               |
[Potential Cause B] ---> [Preventative Control]

  • The Left Side (Preventative): Maps the underlying causes of the risk event and the controls designed to stop it from occurring.
  • The Right Side (Mitigating): Maps the potential consequences of the risk event and the controls designed to minimize the damage if it does occur.

 
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