Many companies keep a separation between their risk management and business continuity strategies, rather than looking to integrate them. Writing for Helpnet Security, Roberts Sibik, senior vice president at Fusion Risk Management, offers some insights into how organizations can blend these two topics into a unified approach.
Sibik speaks of the bowtie model, in which one half of the bow represents the likelihood of risk events and the other half represents mitigation techniques. In the middle, the knot represents the disaster event under examination – whether a data breach, a loss of a supplier, or a physical disaster. With this method, companies should first establish a comprehensive list of possible knots, from top down analysis. Once this list of knots is complete, the organization should start examining the likelihood of for each disruption, and the actions which could be taken to reduce each disruption. By performing this analysis, a company can better identify their sources of risks, and move to better protect themselves against those that represent the greatest threat to their continued operation.
Source:
https://www.helpnetsecurity.com/2018/10/22/operational-approach-risk-management/
