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Planning: Where do risk management plans fall short?

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In your experience, where do risk management plans fall short? Define "risk", what constitutes a "risk event" and the details of a contingency plan for identified risk.

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In a 435 word solution, the response explores the subject fully with examples and references.

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In general, business risk includes any future unforeseen negative event which might impact business plans for success. Types of risk can be categorized as strategic, compliance, financial and operational. http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1074405311&type=RESOURCES

Using the risk categories listed above, an example of each type of risk could include:
Strategic: Change in competitors or market assessment of products (out of favor, for example)
Compliance: A change in regulatory or tax legislation
Financial: Business recession, bank lending policies, interest rates
Operational: Technology upgrades, machinery breakdown, equipment replacement

A risk event is an unplanned change that was not foreseen or expected by ...

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