In risk intensive businesses like the energy sector, a new risk analysis and description methodology has become more and more popular – Bow Tie diagrams. The success of this diagram lies in its clear structure and simplicity which is easy for the non-specialist to understand, but still has sufficient depth for an expert discussion.
The basic idea is to combine the cause (threats) with the consequence via the risk event. The diagrams main strength lies in scenarios where clear, independent paths lead to the occurrence of a risk event or consequence. They focus on controls to be established and thus form the basis for actively managing the risk situation.
Bow Tie diagrams are also a recommended technique mentioned in DIN ISO 31000 on Risk Management.
Read here how Bow Tie modeling is integrated into Software AG's Governance, Risk and Compliance Solution.