Risk urgency assessment is one of the tools and techniques for the PMI process to perform qualitative risk analysis. Near term risks are urgent. Urgency may be combined with priority to determine severity.
Related: risk categorization
Section 22.214.171.124 of the PMBOK, 5th edition, describes risk urgency assessment.
- "Risk Urgency Assessment", a blog entry on Become a Certified Project Manager
- "Risk Priority vs. Risk Urgency" a blog entry on ProjectManagement.com