Bowtie risk visualization within IsoMetrix
The Bowtie Risk Assessment Software Solution uses bowtie risk assessment methodology to visualize risk, a simple, cause-and-effect analysis that helps to visualize the multidimensional characteristics of a risk event. The bowtie demonstrates the relationships between causes of unwanted events, the escalation of these events, the controls that prevent the event from occurring, and the measures in place to limit the impact of the event, should it occur.
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enterprise risk and compliance needs.
The IsoMetrix Enterprise Risk Management SolutionIsoMetrix offers a fully integrated solution for Enterprise Risk Management. Whether your requirements are for a combined assurance model or a system based on ISO 31000, the flexibility offered by IsoMetrix allows the system to mould to your needs. IsoMetrix is provided as standard with best-practice modules for the management of Enterprise Risk and Internal Audit. For more complex implementations where a tailored solution is required, the software can be easily moulded to fit these requirements. IsoMetrix is built using an Agile Application Framework which enables non-technical people to create sophisticated solutions, quickly and easily. Every single form and field is user-defined, allowing us to deliver a bespoke solution for your business quickly and cost-effectively. But while every customer has a tailored solution, they all share the same source code. As a module is saved, the Microsoft SQL Server database is created dynamically, allowing people with no experience in development to create web-based applications with ease. IsoMetrix is at the forefront of the way software is evolving. Here is a typical module for capturing risks in the risk register. If you wanted to capture an additional field for the Risk Owner such as the Risk Ranking, this can be achieved in minutes simply by going into the module editor. Every IsoMetrix user has access to IsoMetrix dashboards. The standard dashboards cater for various risk management methodologies, such as bowtie and fishbone methods and are configurable to suit your specific requirements. IsoMetrix offers rich functionality for managing risk: allowing you to capture details of the controls in place against an identified risk, a risk rating, as well as risk analysis. All actions created in any part of the system are centralized in the central action manager, enabling you to have full visibility over your mitigation strategies and to ensure key actions are closed out, driving continual improvement. Internal audits, compliance, incident management and assurance are all managed within the IsoMetrix integrated risk solution. The IsoMetrix Legal Register offers access to your legal universe with every section of each Act translated into easily understandable language and linked to your industry. Fully searchable, IsoMetrix’s Compliance solution gives you the law at your fingertips. IsoMetrix Enterprise Risk Management is fully extendable to incorporate IsoMetrix solutions such as Health, Safety Environment, and Community, Sustainability, Quality, and Compliance.
Bowtie diagrams help distill complex risk scenarios into simple visualizations of risk that would otherwise be more difficult to explain. This method is a useful way of visualizing and communicating the effectiveness of the implemented risk treatment methods. The concept is elegant in its simplicity, and useful because it is widely understood by each individual involved in the critical control effectiveness monitoring process
Bowties are particularly useful to analyze specific risks – such as non-routine activities and particularly problematic areas – to provide reassurance that everything that can be reasonably done to reduce and manage the risk has been actioned. Bowtie analyses are best suited to analyzing and determining the most critical controls and making sure that these controls, above all others are continually assessed for effectiveness.
Benefits of the IsoMetrix Bowtie Risk Assessment Software Solution
- Deep, visual analysis of controls necessary to prevent and mitigate high priority risks
- Integrate bowtie analysis and your core risk and control library
- Integrate bowtie analysis into your broader risk management program
- Schedule verification and monitoring regimes required to maintain the effectiveness of critical controls
- Assign responsibility for critical controls at department, site and enterprise level
- Customizable KPI and analytics platform for live, drill-down risk analysis
- Integration with incident management and investigation enables root cause analysis to feedback into where controls for
- relevant activities and risks have been ineffective
Our IsoMetrix Bowtie Risk Assessment Software Solution fully integrates with our award-winning Enterprise Risk Management (ERM) module and its risk library of related Processes, Activities, Risk Sources, Hazards, and Controls. The library allows risk owners to carry out assessments at enterprise and more specific levels in the business and quickly call upon the risk library data to assess risk ratings and control status.
With the introduction of the Bowtie solution, users can take a known risk source and perform a bowtie risk analysis (or series of bowties) related to that risk source across all the significant unwanted events. The bowtie interface opens out on top of all the regular risk assessment functionality. As a user builds out their bowtie’s controls across causes and consequences, they can source controls from the risk library that relate to the unwanted event.
The bowtie allows you tag control as critical, and establish a verification checklist and monitoring program to maintain that control at a specific location by integrating the IsoMetrix Inspection Management module.
The IsoMetrix Bowtie Solution risk analysis feeds dashboard analytics, tracks residual and target risk ratings by activity, and risk source with reference to all controls – paying special attention to critical controls and the inspection schedule that maintains control effectiveness.
Integration for Continuous Learning
The IsoMetrix ERM and Bowtie Solutions are also fully integrated with the Isometrix Incident Management and Investigation Module. Incident Investigation and Root Cause Analysis performed within IsoMetrix can now call upon currently risk assessed activities, risk sources and unwanted events to help discern where existing controls failed to effectively contain or prevent the incident outcomes. The result is a continuous learning solution that constantly feeds observational, near miss and incident investigation analysis back into the existing risk management initiatives to help learn from experiences and continually improve preventative and mitigation measures.
We have designed our world-leading, integrated risk and compliance management software for HSE and sustainability experts who know what they want. At IsoMetrix we believe in Good Business. For us, that means helping you on the journey to a sustainable future, in which we look after our planet, the people and communities we work and live with, and ensure reduced risk – building more profitable and resilient organizations. In helping our customers to do good, we also help them do well. With offices in the USA, Canada, South Africa and Australia, IsoMetrix is geared to serve you at a global and local level.