Which component is NOT included in the five distinct components of the organizational risk management plan?

The five distinct components of an organizational risk management plan typically focus on identifying, assessing, and managing risks in a structured approach. These components include priorities of action, risk control techniques, and risk identification, which are essential for understanding and responding to potential risks.

Insurance procurement, while a key aspect of an organization's overall risk management strategy, is typically considered a financial mitigation strategy rather than a fundamental component of the risk management plan itself. It serves as a means to transfer risk rather than directly addressing the identification, analysis, or control of risks within the operational context. Therefore, it does not fall under the core components that fundamentally shape an effective risk management plan.

Understanding this distinction allows professionals in safety and risk management to focus on the proactive aspects of managing risks, ensuring that they prioritize actions and implement techniques that directly relate to risk reduction before considering external solutions such as insurance.