The AgriRisk Initiatives Program has been renewed under the Canadian Agricultural Partnership.

On Friday, Minister of Agriculture and Agri-Food Lawrence MacAulay announced that the $55 million program will encourage partnerships between agriculture industry stakeholders, researchers, and federal, provincial and territorial governments to proactively explore and develop new risk management products and services for the agricultural sector.

"Canada's hard-working farmers constantly face volatility and unpredictability in their business," said MacAulay. "Our Government is launching this renewed AgriRisk program to help protect our hardworking farmers from the risks they face so they can continue to grow the economy and create good, well-paying jobs. This announcement responds to what we heard from the external advisory panel on business risk management."

Funding is available under two components: Research and Development and Administrative Capacity Building.

In response to recommendations received from the BRM Review Expert Panel, priority will be given to proposals for industry-led projects to develop new and innovative business risk management tools.

The BRM Review External Panel of Experts presented a series of recommendations to FPT Ministers, including a recommendation to support the development of industry-led "top-up" tools to provide farmers with flexibility in addressing losses not currently covered in the BRM suite.