Risk Identification Methods

The Bow-Tie method can be considered to be a combination of earlier developed fault tree analysis (FTA) and event tree analysis (ETA) methods. A significant milestone in the history of Bow-Tie was the catastrophic incident on the Piper Alpha platform in 1988, which shook the oil and gas industry. In the early 1990s, the Royal Dutch Shell adopted the BowTie method as part of its methodological toolbox for managing risks. Nowadays, the Bow-Tie method is also used for risk management related to different transport modes such as maritime and aviation.

Brainstorming is probably the best known and most widespread creativity technique, which basically aims to activate thought processes and identify as many ideas or risks as possible by promoting the creative potential of a group or individuals. Brainstorming is used to identify risks in all industries and functional areas due to its methodological simplicity and its versatility.

Checklists are a very simple way to identify risks. As a rule, checklists consist of standardized questionnaires that help to systematically record risks. They can contain open or closed questions, whereby closed questions are better suited for the identification of risk potentials, since the evaluation of the answers is simpler and thus leads faster to concrete results. The questions mostly arise with creative techniques. Workshops, brainstorming, etc. are most commonly used in the creation process.

The Delphi method was developed in order to identify possible targets in the USA during the Cold War. The Delphi method was gradually applied in civilian areas and is now frequently used for political and social questions and issues, for the development of science and technology and in the business environment (e.g. marketing, R&D). The Delphi method is a structured group communication process with the aim of answering questions or finding a consensus on facts about which uncertain and incomplete knowledge naturally exists.

The Failure Mode and Effects Analysis is a cross-industry established method to identify and eliminate potential failures, problems, errors and risks of a system, design or process before adverse consequences reach the internal/external customers. The basic idea of the FMEA is thus the preventive risk identification and error prevention instead of a subsequent correction.