RiskWi$e is a National Risk Management Initiative (NRMI) seeks to understand and improve the risk-reward outcomes for Australian grain growers by supporting grower on-farm decision-making. Grains Research and Development Corporation (GRDC) have invested $30 million to support this 5-year national initiative, running from 2023 to 2028.
Our target outcome
Our goal is that 80% of grain growers can articulate their production management decisions in terms of probability of upside returns (reward) offset against the associated downside risks.
RiskWi$e was developed in response to two primary issues;
- Firstly, growers in various forums including the GRDC National Grower Network highlighted that the risk associated with grain production has escalated and needs attention.
- Secondly, to action Objective 5 ‘Manage risk to maximise profit and minimise losses’ of the GRDC RD&E Plan (2018-23). Managing risk is also now integral to the GRDC RD&E Plan (2023-28).
The latest
Pannell Discussions
April 17, 2024
Pannell Discussions are brief pieces on issues and ideas in economics, science, the environment, natural resource management, politics, agriculture and whatever else.
RiskWi$e Welcome and Background
December 15, 2023
A welcome and brief background from NPL Project Lead, Rick Llewellyn
RiskWi$e at a glance
Grain growers are facing increasing levels of risk
The two main risks faced by grain growers that affect their business success are yield (impacted by weather changes) and price volatility – both are expected to become more unpredictable in the future.
Improved understanding of risks empowers growers
With a better knowledge of risks, grain growers will be able to make decisions about on-farm management that maximise the rewards and minimise the downside risk.
RiskWi$e is designed to help growers manage risk
RiskWi$e will use participatory action research that engages growers in the conception to implementation process to help build trust and understanding of new knowledge on risk-reward that better informs decision making on-farm.
RiskWi$e partners
RiskWi$e is made possible thanks to the involvement of all partners and was established through an investment of the Grains Research and Development Corporation (GRDC)
