Zurich, 16. october 2009. Uncertainty is a key element of risk management and, yet so many definitions of this word exists, thus illustrating how frequently uncertainty can be misunderstood. Wikipedia definition of uncertainty is the following: “It applies to predictions of future events, to physical measurements already made, or to the unknown”. The standard ISO 31000 has attempted to provide a further definition, specifically to Risk Management, saying that uncertainty means: “Uncertainty is the state, even partial, of deficiency of information related to, understanding or knowledge of, an event, its consequence, or likelihood.” In other words, uncertainty can be:

• a lack of information, or understanding, or knowledge of either the initiating event, or change in circumstances;
• or the consequences or the likelihood of the event;
• or even several of these.

In this context, uncertainty depends thus on both the accuracy and precision of the measurement tool or instrument. The lower the accuracy and precision of the uncertainty prediction, the larger the measurement uncertainty is. At MinimaRisk we have developed a software that help companies to better forecast their risk, manage these operational risks and turn them into opportunities.

MinimaRisk is an online software for Enterprise Risk Management, compliant to ISO 31000 and other Risk Management standards, allowing companies to better forecast and manage their operational risks. The company main operations are in Europe.

Press contacts:
Danijela Dell’Antone
MinimaRisk
Phone: +41 44 586 13 80