A set of basic functions used as building blocks for more complicated functions. The list of parent functions varies. A typical set of functions is listed below.
Webster Dictionary(0.00 / 0 votes)Rate this definition: Recency(noun) the state or quality of being recent; newness; new state; late origin; lateness in time; freshness; as, the recency of a transaction, of a wound, etc.
What is 'Contingency'. Contingency is a potential negative event which may occur in the future such as a natural disaster, fraudulent activity or a terrorist attack. In finance, managers often attempt to identify and plan for any contingencies that they feel may occur with any significant likelihood.