{"id":89901,"date":"2024-10-04T14:35:33","date_gmt":"2024-10-04T18:35:33","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=89901"},"modified":"2024-10-04T14:36:40","modified_gmt":"2024-10-04T18:36:40","slug":"risk-management-for-farms-lets-work-towards-securing-the-future-you-want","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/risk-management-for-farms-lets-work-towards-securing-the-future-you-want\/","title":{"rendered":"Risk Management for Farms: Let\u2019s Work Towards Securing the Future You Want"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/agriculture\/\">\n\t\t\t\t\t\t\t<span>Agriculture<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Risk Management for Farms: Let\u2019s Work Towards Securing the Future You Want<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Royal Bank of Canada<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/Risk-Management.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"A man gardening\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/Risk-Management.jpg 1600w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/Risk-Management.jpg?resize=300,225 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/Risk-Management.jpg?resize=768,576 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/Risk-Management.jpg?resize=1024,768 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/Risk-Management.jpg?resize=1536,1152 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Risk Management for Farms: Let\u2019s Work Towards Securing the Future You Want &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/risk-management-for-farms-lets-work-towards-securing-the-future-you-want\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/risk-management-for-farms-lets-work-towards-securing-the-future-you-want\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published October 4, 2024 \u2022 3 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Identifying potential risks to your farm business can feel overwhelming. However, analyzing risk, your risk tolerance, and developing a sound risk management strategy can help you manage risks positively and\u00a0shape\u00a0the future you want for yourself and your family.<\/p>\n\n\n\n<p>Working in agriculture has never been without risk. Yet even for established operations seeking to maintain the status quo, today\u2019s farming environment, with escalating land and capital costs and more adverse weather events, presents producers with new and unprecedented risks.<\/p>\n\n\n\n<p>A sound risk management plan that considers various factors, such as your age, stage of your operation, family situation, and risk tolerance, can ensure the long-term success of your operation and help you minimize downside potential.<\/p>\n\n\n\n<p>By evaluating your relationship to risk through a few key questions\u2014outlined below\u2014you can strengthen your position regarding risk and begin planning how to mitigate it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What\u2019s your appetite for risk?<\/h2>\n\n\n\n<p>Everyone has a different tolerance for risk. For example, some farmers may feel comfortable taking chances on new technologies, while others may prefer to wait until they have been tried, tested, and proven to work.<\/p>\n\n\n\n<p>Knowing your risk appetite allows you to align planning and practices to your tolerance level and make decisions that allow you to sleep at night. How would you describe your risk appetite?<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Conservative<\/strong>: Caution generally guides your decision-making.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Moderate<\/strong>: You\u2019re relatively less risk-tolerant when compared to aggressive risk-takers.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Aggressive<\/strong>: You\u2019re willing to take on higher levels of risk, even if that means earning lower income in the process.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What specific risks are involved in your operation, and what impact would they have?<\/h2>\n\n\n\n<p>Once you know your risk appetite, you\u2019ll want to assess specific risks to your business and their potential impact on your operation based on five primary categories:<\/p>\n\n\n\n<ol class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Production <\/strong>&#8211; Risks related to quality, output or expected yield;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Market <\/strong>&#8211; Risks related to costs, prices, and demand;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Financial <\/strong>&#8211; Risks related to lower-than-expected profits, debt costs, and cash flow needs;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Legal and Environmental<\/strong> &#8211; Risks connected to your business agreements and contracts, along with related environmental liability and regulations, and;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Human resources <\/strong>&#8211; Staff-related risks, including illness, stress, management practices, and safety.<\/p>\n<\/li>\n<\/ol>\n\n\n\n<p>Taking the time to think through the most critical risks in each category and the likelihood of that risk occurring or creating an unfavourable outcome will allow you to take possible steps to mitigate or accept that risk.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Where are you currently in managing risk for your operation?<\/h2>\n\n\n\n<p>You may already have a risk framework in place, or you could be working through your risk appetite, identifying your risk, and determining how to tackle it for the first time in a formal way.<\/p>\n\n\n\n<p>Whatever stage you are at on the journey, there are strategies and tools you can use to help you manage risk positively and with minimal downside. The right strategy will depend on your risk appetite, the type of risks your operations face and their potential economic impact, and the methods you may or may not currently employ.<\/p>\n\n\n\n<p>To assist producers, we\u2019ve created a\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/business\/advice\/industry-expertise\/agriculture\/_assets-custom\/pdf\/EN-Risk-Mgmt-Digital-Guide.pdf\" data-dig-id=\"LP-89901-e844e6d0\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Risk Management Guide\" class=\"rbc-link-format\">Risk Management Guide<\/a>\u00a0outlining four main risk management strategies along with tools for managing risks in the different categories noted above.<\/p>\n\n\n\n<p>Get in touch with an RBC agriculture relationship manager to see how we can help you assess, identify and manage risk in your operation.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-ac8f13dd-c75c-450a-9c0b-325cdcf14686\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Risk Management for Farms: Let\u2019s Work Towards Securing the Future You Want &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/risk-management-for-farms-lets-work-towards-securing-the-future-you-want\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/risk-management-for-farms-lets-work-towards-securing-the-future-you-want\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-b4b9ec6d-1f1e-4ae2-aacf-f6d9ed2e7767\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/agriculture\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Agriculture<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Entrepreneur<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div 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Stressed couple looking at bills sitting in restaurant wearing uniform apron.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg 2125w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg?resize=300,199 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg?resize=768,510 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg?resize=1024,680 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg?resize=1536,1020 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg?resize=2048,1360 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 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