If you haven't heard of risk velocity then this is for you...

I don't know about you, but I like to keep things simple. This is especially true when teaching relatively complex subjects, such as risk. The simple fact is that my clients do not pay to have their employees memories filled with noise; they want actionable knowledge that improves their client value proposition (CVP).

However, in terms of risk understanding and appreciation (separate concepts), it is common for students to come from organisation who ask them to calculate risk as a simple score based on probability x impact. Whilst this method gives a risk indication, it falls short of equipping a decision-maker with the whole picture.

What is often forgotten is risk velocity. For example, if we have four scenarios (A, B, C, & D) and it transpires A and D share the same risk rating, then we include a velocity factor to differentiate that of greater concern since it will occur sooner.

In summary, beyond the pages of a textbook, a risk matrix is definitely not a two-dimensional tool. So, when a person asks "what is risk", and a flurry of hands are quickly raised to eagerly give the same legacy answer based on the same flawed thinking, why not challenge the room and introduce the concept of risk velocity?