Risk management trends & how to deal with them using the Bowtie Suite toolkit

How can you automate risk data when using the CGE Risk product suite? By optimizing functions and data. For example, reporting functions in BowTieXP, AuditXP, IncidentXP, LOPA, and BowTieServer provide lots of pre-defined reports, including all kinds of data that could be interesting for you.

If you want to take it a step further, BowTieXL could be the tool that you are looking for. It gives you the flexibility to design your own algorithm on the bowtie elements.

Trend 3: Commencement of new fields in risk management

The increase in popular words around risk stems from a rapid change in the landscape of the field. New technologies impact life and create new types of risk, for example, cyber risk, autonomous risk, etc. New energy exploration will inevitably expose energy companies or end-users to new risk scenarios, for example, renewable energy risk, new project installation risk, etc. The unexpected consequences will probably bring us tragedies in the future. Besides, the increasing problems of the environment or the nature of earth often causes disasters, for example, flooding, covid, etc. These new risk fields require a commonly used approach to risk management.

Fortunately, the methods and process of risk management are universal to some extent. Some methods or techniques created in the last century are still widely used in industries (check this blog for risk assessment methods). Bowtie is one of them and is a relatively recent method.

If you already use product(s) from CGE Risk, you can deal with new risk scenarios, as you are already equipped with a systematic tool kit that has the flexibility to be used for all sorts of industries.

Trend 4: Increasing uncertainties and creating resilience

Based on the trends above, you probably already experienced the uncertainties of new risks. Without any historical data for new scenarios, you can only use simulation methods to evaluate the risk. It results in lots of uncertainties. For example, the technology of artificial intelligence is used in almost every field, we hardly assess the mega-impact of new types of scenarios such as a failed autonomous traffic system, a cyber crisis, and so on.

The only way you can prepare for these increasing uncertainties is to increase the resilience in your risk management. Barriers should be optimized and integrated into your hardware and management systems. The means for risk management needs to adapt to new industrial technologies. For example, cognitive technologies, risk data analysis, behavior analysis, etc, need to be developed. You need to create more resilience in technique and management when facing the uncertainties of risks.

Trend 5: Always compliant

Compliance is always a trend in risk management. The current industry and society have yet to manage risk autonomously and achieve excellent performance without any regulatory controls. An organization always requires pragmatic regulations for either self-control or external compliance. Along with the changes of technologies and the commencement of new risks, regulations for risk management and controls need to be up-to-date continuously.

The demand for risk management compliance tools is still increasing. Enablon provides multiple tools for audit or inspection. CGE Risk’s AuditXP is one of them, which can help you design a survey for checking the performance of safety barriers or activities. Good risk management compliance should not only consider operational risk regulations but also HSE regulations. The combination of a modern tool and the latest regulations in corresponding regimes is significant for the success of compliance work.

Get the best out of those trends

Trends can sometimes feel overwhelming. Knowing what is relevant for you and what is not can help you focus. We hope that with the help of this blog, you can prepare for the above trends, but also realize there is much more to tell. Do you want to know more about how you can use the CGE Risk barrier based toolkit to get the best out of those trends?

Contact us and feel free to request a trial or online product demonstration at one of the product pages.

^{© CGE Risk. 2021 – The copyright of the content of this blog belongs to CGE Risk Management Solutions B.V.}