In the current fast-paced business environment, it is essential for organizations to manage risks strategically and effectively. An innovative approach that can be used is integrating the Bow Tie Method of Risk Assessment into the enterprise risk management process using ServiceNow’s Advanced Risk Management application.
In this blog post, I will discuss high-level how to use this strategy in the ServiceNow platform but before that let’s dive into the Bow Tie Method and then how it can be applied in ServiceNow.
Let’s take a quick look at the Bow Tie Method.
Picture an actual bow tie but think about it as a technique that is used to understand risk management. Left side of the bow represents potential causes, and the right represents consequences of a risk. It’s a clear and straightforward way to see how risks can evolve and affect your organization.
Leveraging ServiceNow’s Advanced Risk Management
Using ServiceNow’s Advanced Risk Management to our advantage
ServiceNow goes beyond by providing a complete suite for managing risks. It’s like having a toolbox that not only helps you identify and evaluate risks but also helps in developing strategies to reduce them. When you use ServiceNow, integrating the Bow Tie Method into your risk management strategy becomes effortless.
By incorporating the Bow Tie Method into ServiceNow’s using the Advanced Risk Management application, organizations gain a structured and visual approach to managing risks. In my next blog, I will explain a step-by-step guide to implementing this Bow Tie Method using ServiceNow.
But until then, remember Risk is an inherent part of life.
