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Improving Executive Decisions on Risk: Lessons From Oil & Gas and Aviation

You may know FMEA, Fault Tree and Fishbone methods, but do you know Bow-Tie risk assessment practices? Proven in aerospace and oil & gas industries, they can help strengthen top management connection to key areas of potential vulnerability.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

After North Sea oil rig disasters in the 1980s, the oil and gas industry began to apply a concept called Bow-Tie risk assessment in the 1990’s.  Aviation companies also use the method, which facilitates communication, and involvement, with top management, big-picture types who may not be familiar with (or care all that much about) standard failure mode and effect analysis (FMEA) and other risk-management methods.  

Tune into this free Contract Pharma webcast, in which Celgene’s senior director of corporate compliance and governance, Kenneth Ray, discusses how his company is using the tool, and aerospace expert Robert Dodd shows how it can best be tailored to meet pharma needs.  (Quick and easy registration required).  To register and learn more, click here. 

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