Integrated Risk and Stakeholder Management in Industrial Maintenance Projects: The Bowtie Methodology

Industrial maintenance projects typically involve numerous partners with various aims, uncertainties, and risks. Therefore, effective risk and stakeholder management becomes crucial in ensuring project success. The bowtie methodology has gained recognition among organizations in various business sectors as an effective tool for analyzing and communicating potential risk scenarios. By visually illustrating how threats can lead to risk events and their consequences, this methodology can offer new insights. This paper presents earlier studies on risk and stakeholder management, key concepts in bowtie analysis, further proposing three commonalities of focus, influence, and decision-making that establish potential connections between stakeholder and risk management. Considering the potential connections and interactions between risk management and stakeholder management and with the aid of the bowtie methodology, it is expected that effective risk and stakeholder management can be promoted through enhanced stakeholder participation, risk identification and assessment, and enhancement of the implementation of efficient risk controls through visual representation and thorough analysis. Furthermore, it is expected that this integrated approach can raise stakeholder satisfaction, and enhance risk mitigation, ultimately impacting the performance of maintenance projects positively.