THE BOW TIE RISK TOOL

Most users find it helpful to define and order the key areas of the diagram:

1 Identify the ‘hazard’

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.