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THE BOW TIE RISK TOOL
Most users find it helpful to define and order the key areas of the diagram:
1 Identify the ‘hazard’
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2 Define the ‘top event’ – how the ‘hazard’ becomes problematic or uncontrollable
3 Identify the key ‘threats’ enabling the ‘top event’, and ‘barriers’ that address those ‘threats’
4 Consider the ‘consequences’ and position appropriate ‘mitigants’ where possible
In this case: Hazard/Top event – does the use of AI or creation of AI products create fundamental change to the source of risk (hazard)?
Use of AI: In our opinion, AI use doesn’t create a new ‘hazard’ for firms, it remains the holding of sensitive data. The ‘top event’ is that control/security of the data asset fails and loses value or publication damages the client’s business.
Creating and selling AI products: The creation and distribution of AI products for clients does create a new ‘hazard’; and requires greater thought.