Risk management for the farm business: treatment of risk

An overview of risk evaluation and treatment within a farm management plan.

Year of Publication2009

After identifying the types of risk most likely to affect the farm business the next stage is to rank the types of risk then set goals to decide how much risk will be tolerated. Risk can be evaluated by examining the frequency and severity of the risk. Strategies for treating risk include reducing, transferring, avoiding and retaining the risk or self-insuring against the risk. Monitoring the effectiveness of risk management strategies for each area of the business is vital.

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This is a brief summary of an item in the OpenFields Library. This free online library contains items of interest to practitioners and researchers in the agricultural and landbased industries.