"Crafted Risk and Opportunity Management Solutions
that Minimise Uncertainty..."
Even the Ancient Greek civilization, with their mastery of mathematics, geometry, astronomy, theory, philosophy, logic, and their zest for gambling, failed to apply these skills to any kind of technology or concept about how they could be adapted to address the manageability of the future.
They turned to the oracles when they wanted a prediction of what tomorrow might bring.
Hindered by an alphabetic numbering system not unlike that used by the Romans, they failed to discover the laws of probability. It was not until about 1000 to 1200 AD when the Hindu-Arabic numbering system arrived and the concept of a number called ‘zero’ that intense and astonishing advances in mathematics began in earnest.
Still, up until the Renaissance Era, people continued to perceive the future as little more than a matter of luck or the result of random variables and events, and decision making was fundamentally only based on instinct.
It was not until the 16th century when the concept of probability, as we know it today, came into its own.
An Italian physician called Cardano, also a keen gambler, was one of the first to document and quantify "probability".
Others began to take Cardano’s work further... Englishmen John Grant, Edmund Halley and Edward Lloyd, Frenchmen Pascal, Bernoulli, Fermat, de Moivre and De Mere’... all contributed towards the concepts of statistics, probability, the normal distribution, the standard deviation, estimating life expectancies and populations of cities, pricing insurance, annuities, inference techniques…and a range of many other ideas.
Virtually all of the tools we use today in Risk Management and in the analysis of the decisions of choice stem from the developments that took place between 1654 and 1760.
What has history provided us?
It has transformed the perception of risk from chance of loss into opportunity for gain and from helplessness to choice.
In the 21st Century, Risk Management has become cornerstone to many Organisations.
International Standard ISO 31000 provides us with the Framework, Process, Terminology and Best Practices for Risk Management that every organisation can and should adopt.
ISO 31000 Defines Risk as... "The Effect of Uncertainty on Objectives..."
But uncertainty is a consequence of the irrational behavior that exists in human nature, and in particular, of the way by which we make choices and respond to risk.
Adopting Best Practices goes part of the way in addressing these irrationalities.
ImpressWare crafts all of its Risk Management Solutions in line with Global and Current Best Practice Concepts and Guidelines. We take a structured, consistent, enterprise wide approach to Risk Management to enhance the performance of our Clients’ operations.
We address the irrationalities that persist when making decisions about choices and about responses to risk.
ImpressWare: "Crafted Risk and Opportunity Management Solutions that Minimise Uncertainty..."
Our crafted solutions can be tailored to meet specific or special organisational requirements and constraints.