Operational Risk Management by Ariane Chapelle

Author:Ariane Chapelle
Language: eng
Format: epub
ISBN: 9781119549079
Publisher: Wiley
Published: 2018-12-14T00:00:00+00:00

BOW‐TIE TOOL AND SYSTEMIC PATTERNS OF FAILURE

The bow tie is a root cause analysis tool commonly used in heavy industries, such as oil and gas, and is now slowly making its way in the financial sector. It is a form of “5‐whys” analysis, encouraging investigators to identify several levels of causes for operational failures.

In the bow‐tie diagram, the risk or event to analyze lies at the center of the figure, with the left‐hand side detailing its direct and indirect causes until all roots are identified. The right‐hand side of the figure expands into all direct and indirect losses and impacts, forming the shape of a bow tie. Preventive controls are labeled in front of each cause; detective and corrective controls are documented on the impact side to the left (Figure 11.1).

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.