Of course not. Insurance is one aspect of risk management, but certainly not the only one. Then there are the operations managers who equate risk management with disaster recovery. This too is only one aspect of managing risk. What concerns me most with this thought process is that these managers are only concentrating on reaction, recovery and restoration.
T here seems to be no thought given to proactive planning and prevention.
Even though insurance and disaster recovery are necessary parts of risk management, both will hopefully never be needed. Let's take a look at the definition of risk management. Furthermore, this shows that risk should also be treated with care and taken seriously. The first component of risk management is knowing what needs to be managed. Indexing is an easy way to determine what are the critical operations of the company or organization.