According to the Queensland Government:
The process of identifying risks, assessing risks and developing strategies to manage risks is known as risk management. A risk management plan and a business impact analysis are important parts of your business continuity plan. By understanding potential risks to your business and finding ways to minimise their impacts, you will help your business recover quickly if an incident occurs.
Types of risk vary from business to business, but preparing a risk management plan involves a common process. Your risk management plan should detail your strategy for dealing with risks specific to your business.
It’s important to allocate some time, budget and resources for preparing a risk management plan and a business impact analysis. This will help you meet your legal obligations for providing a safe workplace and can reduce the likelihood of an incident negatively impacting on your business.
It makes me wonder is this something useful for business, but not useful in your personal life. Risk management plans in business are to protect business function, protect people and preserve profit. A person does not run like a business. Although we like to be prepared, perhaps giving up the preparedness and weathering any storm is the trick to fully embracing our humanity.