Federal government invests more than $700,000 in online risk tool for farmers

The tool will be designed to assess risk and suggest potential solutions such as insurance coverage

The federal government is investing $786,921 in the development of a  online risk management tool for farmers called AgriShield, according to Farm Management Canada (FMC).

The online tool will allow farmers to assess the potential impact of risks and provide mitigation solutions. For instance, if there’s an overland flood, the tool can help farmers determine the degree of risk they face and potential solutions, such as tile draining or insurance coverage, according to the announcement released by FMC.

“Less than one-third of Canada’s farmers have a risk management plan. Our ultimate goal is to increase the awareness and adoption of risk management practices and planning as part of the farm management process and cultivate a more comprehensive understanding and approach to assessing and managing risk within the agricultural sector,” says Heather Watson, the executive director of FMC, in a press release.

The investment is being made through Agriculture and Agri-Food Canada’s AgriRisk Initiatives (ARI), which supports the research and development, as well as the implementation and administration of new risk management tools for use in the agriculture sector. The deal was announced by Member of Parliament Francis Drouin.

“Canadian farmers face risk every day and it is essential they have the necessary tools to better understand and manage risk. The recent flooding in Eastern Ontario and Quebec, for example, shows the need to help farmers more effectively manage risk, so that they can be stronger, more innovative and more competitive,” says Drouin in a press release.

FMC is a resource centre for farm business management knowledge and skills development in Canada.

 

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.