Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

A strategic risk management program for agriculture

A strategic risk management program for agriculture Purpose – The purpose of this paper is to demonstrate how an organized framework for risk management called Risk Navigator SRM © can be practically applied to common risk management problems. Design/methodology/approach – The program makes complex risk principles easier to understand and access by linking together disparate and difficult risk management concepts into a single strategic risk management (SRM) framework. The strategic framework is organized into ten steps in order to organize and develop a practical and applied risk management plan. This paper demonstrates the SRM process in a crop insurance example. A simple version of the program, called Risk Navigator Lite © , is also applied to crop insurance to demonstrate how robust the framework is for adaptation to field settings, where data may be limited or where decision makers might have limited capacity to understand complicated principles necessary for risk management. Findings – This manuscript elaborates upon how the SRM process may be effectively implemented by agricultural producers. The information herein should also help students of risk management better comprehend how to apply what they learn. Originality/value – The contribution of Risk Navigator is to make underused, sophisticated risk management concepts and tools more available to farm and ranch managers, and others, by putting them into a framework that is both easy to use and comprehensive. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png China Agricultural Economic Review Emerald Publishing

A strategic risk management program for agriculture

China Agricultural Economic Review , Volume 3 (4): 13 – Nov 22, 2011

Loading next page...
 
/lp/emerald-publishing/a-strategic-risk-management-program-for-agriculture-SUrWPGrz9k
Publisher
Emerald Publishing
Copyright
Copyright © 2012 Emerald Group Publishing Limited. All rights reserved.
ISSN
1756-137X
DOI
10.1108/17561371111192356
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to demonstrate how an organized framework for risk management called Risk Navigator SRM © can be practically applied to common risk management problems. Design/methodology/approach – The program makes complex risk principles easier to understand and access by linking together disparate and difficult risk management concepts into a single strategic risk management (SRM) framework. The strategic framework is organized into ten steps in order to organize and develop a practical and applied risk management plan. This paper demonstrates the SRM process in a crop insurance example. A simple version of the program, called Risk Navigator Lite © , is also applied to crop insurance to demonstrate how robust the framework is for adaptation to field settings, where data may be limited or where decision makers might have limited capacity to understand complicated principles necessary for risk management. Findings – This manuscript elaborates upon how the SRM process may be effectively implemented by agricultural producers. The information herein should also help students of risk management better comprehend how to apply what they learn. Originality/value – The contribution of Risk Navigator is to make underused, sophisticated risk management concepts and tools more available to farm and ranch managers, and others, by putting them into a framework that is both easy to use and comprehensive.

Journal

China Agricultural Economic ReviewEmerald Publishing

Published: Nov 22, 2011

Keywords: China; Agriculture; Crop insurance; Risk management; Risk Navigator SRM

References