- Risk Management Strategies: What to Include
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RightRisk News- September 2020
Author Archives: hewlett@uwyo.edu
Evaluating LRP Coverage via RightRisk Analytics
LIVESTOCK RISK PROTECTION (LRP) insurance is designed to help manage livestock market price risk. The Risk Scenario Planning tool can, with a little creativity, be used to analyze expected net revenue under an LRP policy. The resulting cumulative distribution graph provides the probability of earning a net return at or below any certain value. With this information in hand we can begin to answer questions like: “How effective is this coverage?” or “How often would it pay?” See the RSP Guide for this and other examples.
The Risk Scenario Planning tool is one of over 30 individual risk analysis tools developed by RightRisk and available free of charge at: RightRisk.org\Analytics.
USDA to Provide Additional Direct Assistance to Farmers and Ranchers Impacted by the Coronavirus (CFAP 2)
President Donald J. Trump and U.S. Secretary of Agriculture Sonny Perdue today announced up to an additional $14 billion for agricultural producers who continue to face market disruptions and associated costs because of COVID-19.
The U.S. Department of Agriculture (USDA) will use funds being made available from the Commodity Credit Corporation (CCC) Charter Act and CARES Act to support row crops, livestock, specialty crops, dairy, aquaculture and many additional commodities. CFAP 2 payments will be made for three categories of commodities – Price Trigger Commodities, Flat-rate Crops and Sales Commodities.
Ag Help Wanted: Guidelines for Managing Agricultural Labor
A full-color, 250-page book presenting principles, practical examples, legal considerations, and leads to more references in six main chapters: 1. Roles and Responsibilities of an Agricultural Employer, 2. Organizational Planning, 3. Staffing the Farm Business, 4. Supervising Agricultural Work, 5. Managing Employee Performance, 6. Communication and Problem Solving. The companion website, provides supplementary material online, as well as Problem Work Situations: Working With Employees – a series of nine sets of brief vignettes that illustrate approaches to one-on-one communication in problem situations.
See Ag Help Wanted online or to order a copy at: RightRisk.org\AgHelpWanted.
USDA Announces Increased Subsidies and Other Improvements to the Livestock Risk Protection (LRP) Insurance Program
THE U.S. Department of Agriculture’s (USDA) Risk Management Agency (RMA) announced it is increasing premium subsidies and will make other improvements to the Livestock Risk Protection (LRP) plan of insurance for feeder cattle, fed cattle, and swine starting with the 2021 crop year. The increased premium subsidy is retroactive to the beginning of the 2021 crop year (July 1st, 2020) and is based on the coverage selected by the livestock producer.
Risk Navigator | RightRisk
RISK NAVIGATOR and associated Strategic Risk Management Process outline a 10-step risk management program. A self-guided Strategic Risk Management 101 course is available on the companion website. In addition, the Risk Navigator tool box offers an extensive risk management library of over 20 risk tools. The tools help to accomplish the planning and analysis needed to complete each step of the Strategic Risk Management Process.
Risk Navigator tools are available for download, free of charge at: RightRisk.org\RiskNavigator.
B&B- September, 2020
Federal Reserve Beige Book Summary on the Agricultural Sector
The Beige Book is a Federal Reserve System publication covering current economic conditions across the 12 Federal Reserve Districts. It characterizes regional economic conditions and prospects based on a variety of mostly qualitative information, gathered directly from District sources. The latest update was posted September 2nd.
Ag Survivor | RightRisk
AG SURVIVOR risk simulation is a software tool developed to teach risk concepts and management strategies to agricultural managers in an experiential learning environment. This educational program lets participants test firsthand whether they are better off implementing newly learned risk management tools and strategies, like the Strategic Risk Management Process. . . .
Access the free online risk simulation AG SURVIVOR from RightRisk at: RightRisk.org > Resources.
RDFinancial | RightRisk
RDFinancial is a risk analysis tool designed to help understand financial statements and how they interact to provide a measure of financial business position and performance. The primary purpose is to provide opportunities to discuss financial analysis in an easy to use and understand format. Online video and audio clips provide an overview of RDFinancial and several examples of how to use RDFinancial to illustrate financial management concepts.
RDFinancial tool is one of over 30 individual risk analysis tools developed by RightRisk and available free of charge at:RightRisk.org > Analytics.
