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CFA supports new risk management program


June 25, 2013
By Canadian Federation of Agriculture

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Jun. 25, 2013, Ottawa, ON – CFA welcomes the new Growing Forward 2 program, AgriRisk Initiatives (ARI), which will support private sector and producer-developed risk management tools.
 
The ARI program commits up to $15 million – $3 million yearly over 5 years – to fund risk management products and services. Applications for project funding are now being accepted and approved projects can be eligible for up to $500,000 in support per year. The Government outlined typical initiatives eligible for funding, including: research and development costs, data collection and analysis, legal and actuarial costs, and consultations.
 
“The agricultural sector is incredibly innovative. This program will give the sector the added capacity it needs to turn innovative ideas into concrete measures for more resilient farm businesses. Private sector and industry directed project development will further ensure projects are targeted, bankable and useful for producers – on the ground, in the field, ” commented CFA President Ron Bonnett.
 
“The program appears to be a revised version of the earlier Private Sector Risk Management Program. Shortcomings of PSRMP –  specifically, its lack of support for getting the programs off the ground once they had been created –  seem to have been addressed in the new program, making it a much more practical tool for industry,” Bonnett noted.
 
“We are extremely pleased with the Government’s decision to introduce this program. New tools developed under this program will serve as excellent complements to existing business risk management programs.  CFA and its members look forward to working with the Government and other industry associations to address areas in need of risk management tools,” he concluded.
 
Learn more about the AgriRisk Initiatives Program here.