Master Bowties

Businesses with multiple locations or distributed work sites often share similar operations, and therefore, encounter similar risks. But if individual sites are assessing those risks and implementing risk controls independently from one other, you’re more than likely to experience gaps and inconsistencies in risk management processes across each of your sites — creating even greater risk to your organization.

So how do we align our risk management processes from the top-down to facilitate greater information sharing and control risk as effectively as possible, while still providing flexibility to support the unique risk management needs of every work site? That’s where the value of Master Bowties truly shines. Master Bowties offer a way to instantly communicate and implement updates to risk scenarios, risk controls, key risk indicators (KRIs) and other risk information across multiple locations. Other benefits of Master Bowties include:

• Standardized identification and control of risks throughout the organization
• Improved sharing of risk information and risk management best practices
• Reduced time and resources required to develop and review risk bowties and perform other risk management activities at individual locations/work sites
• Reduced administrative costs and increased stakeholder engagement with your risk management programs