What is a BowTie in risk management?

The BowTie method is a visual way of understanding the impacts of a hazard, the risk it presents, the consequences and the controls that should be put in place. This allows us to easily conduct Risk Management. BowTie diagrams also identify potential escalation factors that could defeat or reduce the effectiveness/ reliability of a barrier, as well as control barriers in place to prevent or mitigate the effect of these escalation factors.