Riskonnect has announced the release of Risk Bow Tie Analysis for GRC, a new feature for its enterprise risk management solution. The enhancement automatically generates Bow Tie diagrams and risk relationships within the solution, making it easier for companies to integrate the Bow Tie analysis into their risk management programs and to engage a wider audience in the communication of risk.
“Bow Tie analysis is a leading tool for assessing enterprise risk in that it helps companies understand risk cause and consequences, develop mitigation strategies, and engage a wider audience in risk management collaboration,” said Riskonnect’s Senior Vice President of Product Management Kathryn Carlson. “Integrating Bow Tie analysis into risk management programs is typically done manually, which creates a hurdle for managers preventing them from leveraging the methodology. We are eliminating this burden and helping companies through automation. Users who may have been hesitant to adopt Bow Tie analysis can now easily visualize risk relationships.”
Riskonnect’s Bow Tie diagrams will automatically generate for customers who have built out risk relationships within the solution. Additionally, when users build Bow Tie diagrams during a risk workshop, for example, risk relationships will auto-populate within the solution.
The release of Riskonnect’s Bow Tie analysis capability is a continuation of Riskonnect’s investment in risk analytics and insights.