Revisiting your farm’s risk management plan for COVID-19


(NC) From markets to Mother Nature, Canada’s agricultural producers are experienced hands when it comes to navigating the common risks of the farming business. But while most producers have solid risk management practices they can count on in times of crisis, the pandemic has been an unprecedented shock, leaving many wondering if there’s more they could be doing to prepare for the unexpected.

“At RBC, our advisors have their ear to the ground on all matters that impact your agriculture operation. We’re always here to support producers as they plan for the realities that exist today, and for those that could exist in the future,” says Ryan Riese national director of agriculture at RBC.

For farmers looking to revisit and strengthen risk management plans in light of COVID-19, Riese recommends the following tips:

  1. Make risk management routine. In an evolving situation such as COVID-19, it’s especially important to monitor for new trends, conduct risk assessments and create contingency cashflow projections on a regular basis. Be sure you’ve adequately accounted for a broad range of risks across political, economic, social, technological, environmental and legal areas, as the impact of the pandemic is multifaceted and complex.
  2. Prioritize risks. Categorize risks into current and emerging risks and dedicate your contingency planning efforts to those that are most likely to occur and to impact your business. Right now, this may mean planning to mitigate any renewed lockdowns, on-site outbreaks or macroeconomic changes that may ensue in the coming months.
  3. Work with a trusted advisor. Consider sharing your contingency plan with your accountant, legal counsel or financial advisor. Not only will they then be aware of your plans should you need to spring into action, but they may also be able to provide insights and keep you on top of new developments as they emerge.

Find more information at rbc.com/agriculture


Media Attachments Related Posts Terms of Use

All News Canada content is provided free of charge. Any source/sponsor of the information must also be identified as presented. For articles, credit of usage must be attributed to News Canada with "(NC)" at the beginning of an article or "www.newscanada.com" or "– News Canada" at the end. Images are only to be used with corresponding editorial copy. Usage of News Canada content constitutes your acceptance of these terms and an agreement between you and News Canada.

Disclaimer: Comments and opinions in News Canada content are those of their respective contributors only. The views expressed do not necessarily represent the views of News Canada Inc., its management or employees. News Canada Inc. is not responsible, and disclaims any and all liability, for the content of comments provided by contributors.