Which model is used to visually represent the relationship between hazards and actions in risk management?

The Bow Tie Model is widely recognized for its effectiveness in visually representing the relationship between hazards and the actions taken to manage risks. This model provides a clear, simple, and intuitive way to display both the potential causes of hazards and the preventive measures that can be put in place, as well as the consequences of those hazards and the mitigative measures that can be instituted.

The left side of the bow tie illustrates the various hazards and the controls in place to prevent them from happening, while the right side shows the consequences should a hazard materialize and the responses that can minimize impact. This visual approach enables stakeholders to quickly grasp complex risk scenarios and understand the interconnections between hazards and preventive or mitigative actions.

Other models such as FMEA (Failure Modes and Effects Analysis), HAZOP (Hazard and Operability Study), and ETA (Event Tree Analysis) serve different purposes in risk management. FMEA focuses on identifying potential failure modes in a system and assessing their impact. HAZOP is a structured method for examining how deviations from design intentions can cause hazards. ETA, on the other hand, involves evaluating the possible outcomes following an initiating event. While all are valuable risk assessment tools, none provide the same visual and intuitive representation of hazards and actions