Bow-Tie Framework

• The bow-tie framework is typically used in a business or organizational context to analyze and manage risk, but it can also be applied to personal and individual situations.

• It consists of four main components: threats, vulnerabilities, controls, and consequences.

  • Threats are external events or conditions that have the potential to cause harm to an organization.

  • Vulnerabilities are weaknesses in an organization's defenses that could be exploited by a threat.

  • Controls are the measures that are put in place to mitigate or prevent the occurrence of a threat (Barriers).

  • Consequences are the potential impacts that could result from a threat successfully exploiting a vulnerability.

• The Bow-Tie Framework applied to your personal life:

  • Identifying and analyzing potential risks in your personal life, such as financial, physical, or emotional risks.

  • Identifying and addressing vulnerabilities that may be contributing to these risks, such as lack of savings, poor health habits, or unresolved emotional issues.

  • Implementing controls to mitigate or prevent the occurrence of these risks, such as creating a budget, exercising regularly, or seeking therapy.

  • Identifying and planning for the potential consequences of these risks, such as financial hardship, illness, or emotional turmoil.

• By using the bow-tie framework, you can gain a better understanding of the risks in your life and take steps to mitigate them. It helps you to have a structured way of thinking about the situation and have a clear plan of action.

Sources

• Process, C. F. C. (2018). Bow Ties in Risk Management: A Concept Book for Process Safety. John Wiley & Sons.

• The bowtie method. (n.d.). Barrier Based Risk Management Knowledge Base | Wolters Kluwer. https://www.wolterskluwer.com/en/solutions/enablon/bowtie/ex...