Bow-Tie Analysis
By: A Staff Writer
Updated on: Jul 19, 2024
What: A structured process to identify, assess, prioritize, and respond to risks the organization faces.
Who: Many exist (ISO 31000, NIST frameworks, etc.). Entrepreneurs choose one that aligns with their industry and size.
Why: Risk is unavoidable, but being proactive minimizes its impact. Makes your business more resilient to shocks.
When: Always! But formally revisiting your risk register regularly is key, the world changes fast.
How:
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- A simple spreadsheet can be enough for small companies.
- Involve employees at all levels – they see risks you might miss.