Risk management would be asking the question "should I be putting all my eggs in a basket that seems very tied to the tech economy / northern California real estate market / low interest rates?". Diversification would be trying to get the money you use to pay your tech workers invested in something as far away from tech as possible.
* Buy expensive office equipment or put it in a bank
* Go on a hiring spree or put it in a bank
* Acquire another company or put it in a bank
* Put money in crypto or put it in a bank
Shopping for a bank might mitigate a bit more of your risk. Putting it inside of a bank is low risk compared to the many things you can do with money.
Hundreds of thousands of businesses store more than $250k in a bank and for most of them, the largest risk to their business is not their bank.
Finance is no different. There are no "safe" investments, only varying levels of risk and reward. Mitigating the risk of a single bank failure locking up your $2MM raise is a couple hours of work. Only you can say whether mitigating that risk is worth the effort.