Risk: It’s the one thing that everyone wants to avoid in life, or at least manage. No matter the industry, the risks in life are factors that must be dealt with. In a 1686 London coffeehouse, a business of quantifying risk was created, and it shaped the British Empire and the rest of the economies all based on data.
The business assessed the risks associated with shipping ventures in times of peace and in times of war. This is the story of Llyod’s of London. The only thing that has changed since then is the speed with which data can be gathered and the number of data points that can be assessed. What hasn’t changed is the appetite to mitigate, control or otherwise manage risk factors that would limit productivity, performance, optimization and efficiency.
Author: David Bissainthe