Although risk management is a system for controlling the exposures an organization has experienced and might conceivably face, it is by no means fool-proof, mainly because no one can possibly foresee every calamity that could befall an organization.
Take a major headline of the past couple of weeks, with plumes from a volcano in Iceland halting air traffic between several of the world's largest hubs. As a result, thousands of travelers were stranded in major airports with no relief in sight.
While this may not be a major insurance loss, it is most certainly a risk management crisis. People were trapped in airports with nowhere to go. Businesses were crippled.
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