This study examines the risk management practices during Covid-19. Specifically, we explore risk management’s relevancy as other urgencies may more be prioritized during the financial crisis, the risk identification capability to predict or even minimize the detrimental effect of Covid-19, and the urgency of a specific standard that regulates risk management implementation during a disruptive event. Using Indonesia’s unique setting, we interview five risk management experts to share their knowledge and experience during Covid-19. We found that despite the severity of the financial condition, the risk management budget is still prioritized. Additionally, although our interviewees are pessimistic about the firm’s risk identification capability practice, they believed that well-established risk management practices support its survivability. Lastly, developing a specific standard for crisis possess several promising benefits but also several serious challenges. This study also points out some crucial implications, both for scholars and practitioners.