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Synopsis:

Thiess started on the risk management path in 2001. Recognizing that an aggressive approach would probably not work, the concepts and language of risk management were introduced gradually. Business units developed spreadsheets to record risks, following which a formal enterprise-wide risk process was introduced. Thiess Management System then introduced more rigour into the process, and mandated the use of the Balanced Matrix risk and Opportunity (R&O) list on every tender. A standard R&O template was introduced to be used by all estimators. The risk management process has evolved and matured to the point of requiring a database solution to support it.

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