What has time to do with risk? A preliminary communication
The reliability of risk techniques is of concern to academics and practitioners: if techniques are not reliable in their design, they cannot give reliable results.
This paper briefly discusses risk velocity, which is a way of providing specificity to an understanding of risk through applying time as a lens. The research is a preliminary communication from initial Masters research. Risk velocity has been identified in the limited literature as being divided into three sections: time to cause, time to impact, and time to recover; each of which can assist an organisation to better understand their risk landscape and how risks link with business continuity planning.
However, risk velocity has been the subject of limited research to validate the concept and reliability in practice, suggesting this a ‘white space’ meriting investigation (Cherry, 2010).
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