Final answer:
False
The first step in the risk management process is to identify and analyze potential risks, not to insure against risk.
Step-by-step explanation:
The statement that the first step in the risk management process is to insure against risk is False.
Risk management involves a series of steps, and insurance is just one possible strategy for managing risk. The first step in the risk management process is actually to identify and analyze potential risks. This involves understanding the nature of the risks, assessing their likelihood and potential impact, and prioritizing them based on their significance.
After identifying and analyzing risks, the next steps in the risk management process include evaluating and selecting appropriate risk management strategies, implementing and monitoring those strategies, and periodically reviewing and updating the risk management plan.