Time at risk is the family of tail-first measures of how long capital or an obligation stays exposed to an unresolved matter. It is stated as a distribution with a named tail, not a single expected duration.
Credit has ratings and market risk has value at risk. Legal assets have had adjectives. Time at risk gives duration the same treatment: defined, computable measures that can be reserved against and stressed.
The family includes the 90th percentile of time to resolution, the excess of that over the median, the movement of the distribution since underwriting, the probability a share of a book resolves by a date, the concentration of delay in a common driver and the portion of delay that could be removed.
Time at risk is not a prediction that a matter will take a given time. It describes the exposure that a plan, a reserve or a facility has to carry.
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