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Risk Management in 2012: What Does it Really Mean?

Kelvin Leibold (April, 2012)

Summary

We put a lot of focus on the topic of “Risk Management” and reducing risk in agriculture but it is often not well defined. Risk management in agriculture is often thought to encompass five general areas. These areas include production risk, marketing Rrisk, financial risk, legal risk and human risk. As we head towards the start of a new production cycle, it is prudent that every business review the potential impact of these different risks and what strategies are being used to manage them. Risks are rarely eliminated; the exposure to the risks may just be shifted to another party.