Riskwi$e

The National Risk Management Initiative

Project Funder: GRDC
Project Partners: see below
Project Code: NSW001-NRMI-RTX
Project Duration: 2023-2028
Project Location: National

 
 
 
 

Background

RiskWi$e (the National Risk Management Initiative), is a 5-year national initiative of approximately $30 million that will run from 2023 to 2028. It seeks to understand and improve the risk-reward outcomes for Australian grain growers by supporting grower on-farm decision-making. To do this it will:

  1. Involve grain growers in the identification of on-farm decisions that have unknown components of risk-reward that will be studied to elucidate new insights.

  2. Develop an improved understanding of the risk-reward relationships for on-farm management decisions.

  3. Inform growers and their advisers of new insights into optimising rewards and managing risk.

  4. Challenge grower decision-making so future management decisions are evaluated in terms of the probability of upside returns offset against the associated downside risks.

Our target outcome 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.

To deliver RiskWi$e, a participatory action research methodology (an approach to research that pro-actively involves members of communities affected by that research in the research itself) will be employed. The centrepiece of this will see growers and their advisers quantifying the probabilities of uncertainty of outcomes and assessing the risk-reward payoffs for specific management decisions in the context of their own farming operations.

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).


RiskWi$e themes

RiskWi$e comprises 5 themes:

  • Nitrogen (N) decisions: The nitrogen (N) decisions theme will take a whole-of-system approach to help growers assess N decision strategies encompassing fertiliser and legume use.

  • Sowing decisions: The sowing decisions theme will develop long-term strategies to help determine sowing location, varietal selection and sowing timing while considering landscape, farm and paddock conditions.

  • Enterprise agronomic decisions: The enterprise agronomic decisions theme will investigate crop sequence decisions from crop choice, fallow choice, soil amelioration and weed/disease management strategies.

  • Enterprise financial decisions: The enterprise financial decisions theme will help with decision making related to farm economies of scale, operating costs, commodity prices and marketing, grain storage availability and labour management.

  • Managing natural resource capital: The managing natural resource capital theme will help growers make decisions that support improved soil health and soil carbon, reduce greenhouse gas emissions and non-chemical weed control.


Plus, there are two overarching bodies of work:

  • Behavioural science: This work will incorporate behavioural science across all themes to understand grower behaviour change and support adoption.

  • Analytics and modelling: This work will focus on participatory research tools ('flight simulators') that allow growers to explore their risky decisions and internalise an enhanced understanding of risk into their gut-feel decision-making.


Visit the GRDC RiskWi$e Webpage


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).