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TeachMeFinance.com - explain Risk management Risk management The term 'Risk management ' as it applies to the area of agriculture can be defined as ' The process of deciding whether and how to manage risks. Public risk management requires consideration of legal, economic, and behavioral factors, as well as environmental and human health effects of each management alternative. Management may involve regulatory and non-regulatory responses. For example, characterizing the risk to farm workers of entering a field after application of a particular pesticide is risk assessment; promulgating reentry standards is risk management. The federal government has played an active role over the years in helping farmers manage risk. Two major risks faced by agricultural producers are production risks and price risks, and the USDA has assisted with federal crop insurance and commodity programs. The Risk Management Agency is now helping farmers utilize other risk management tools'. Previous 5 Terms: Risk Adjustment risk analysis Risk assessment Risk assessment Risk communication Next 5 Terms: Risk Management Agency Risk reduction Risk-based decisionmaking Risk-Based Health Maintenance Organization-Competitive Medical Plan Risk-benefit analysis About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.