THESIS Bow Tie™ is a risk management software application and bowtie approach that can assist with analyzing and managing the full spectrum of diverse risks facing an organization.
In a few instances, regulations have been created demanding that the Bowtie methodology be part of the required documentation associated with major hazard analysis.
This helps regulators check that all necessary measures have been put in place to further reduce associated risk to ALARP and equally helps to justify cost to benefit analysis.
flammable or toxic chemicals that have the potential to cause fatalities).
The same logic applies when using bowties for business risks: What are the hazards that have the potential to harm the business and lead to financial losses?
Knowing your target audiences and what their expectations are strongly affects the shape and outcome of the THESIS Bow Tie methodology.
Three key possible audiences that could affect the shape of a bowtie are operators/managers, or the front-line employees who would be the casualties from a major accident, the employees who maintain the associated barriers to prevent major accidents from occurring and managers who have to provide care and support to families if a loss occurs; safety professionals; and regulators.