How to Build and Use a Risk Bow Tie
Instructor:
Mario Mosse
Product ID: 705009
- Duration: 90 Min
Why Should You Attend:
This webinar will explore how a bowtie diagram can produce a visual summary of all plausible threats that could exist around a vulnerability or risk event, and identify the possible consequences. It also serves to identify control measures and other mitigating strategies developed to reduce the risk of those scenarios to an acceptable level or deal with the consequences should one of the scenarios materialize. Once the control measures are identified, the bowtie method also highlights the ways in which control measures might fail.
Bowties can be used during scenario analysis workshops to capture the group’s consensus on probability of the various events that might cause harm to your organization given a certain scenario, and the impact of the identified potential consequences. They are also very helpful in the determination of root causes so that long-lasting solutions can be developed and implemented.
Areas Covered in the Webinar:
- What should go in the middle of a bowtie – identifying the problem/hazard
- Causes – what they should include, and how to use and present them
- Root cause analysis and other techniques
- Consequences and likelihood – constructing a business case for managing the bow-tied risk
- Controls - identifying and linking with action management and risk ownership
- The Swiss Cheese model
- What can be measured in a bowtie – the role of compliance
- When the bowtie model is appropriate
Who Will Benefit:
- Risk Officers
- Compliance Officers
- Internal and External Auditors
- Financial Controllers
- Operations Managers
- Treasurers
- Board Members
- Business Managers
- Investment Managers
Mario Mosse
President, MMosse Consulting LLC
Mario Mosse has over 40 years of experience in enterprise risk management, internal audit and regulatory compliance at financial services companies. He is the president of MMosse Consulting, LLC, where he provides risk management advice and training to the financial services industry. Previously, he was the head of operational risk management at Prudential Financial, Inc. Prior to that, Mr. Mosse was with The Chase Manhattan Bank, where he held several senior positions in risk management and internal audit.
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