Bowtie introduces new words, but the basics remain the same. Some consultant is making a lot of money conducting half day seminars.
Where MoD falls down is recognition of latent failures. There are numerous examples of Boards of Inquiry flatly refusing to "go there", resulting in the final act being wrongly blamed. BoIs seldom look at Factors or Events.
There is an uncomfortable conflict at the moment in MoD. The likes of the MAA are struggling with their role (having immediately set off down the wrong path, they're hopelessly lost). But at least they are trying, in the face of the long-stated risk management policy of "Do nothing until the risk manifests itself". Unfortunately, when it does, in aviation, the outcome is often death. This is why nothing was done to mitigate the known and advised risks associated with Chinook, Nimrod, Tornado/Patriot, Sea King ASaC - the last two being particularly criminal and, along with Nimrod, notified to the same individuals. MoD don't like being reminded that all four BoIs unwittingly repeated prior warnings. THAT is the real problem.
Risk Management? What about Certainty Management?