The Risk Management Agency (RMA) is an agency of the
U.S. Department of Agriculture, which manages the
Federal Crop Insurance Corporation (FCIC). The current Administrator is Heather Manzano in an acting capacity.
History
The Risk Management Agency (RMA) was created in 1996 by the
Federal Agriculture Improvement and Reform Act of 1996 to operate and manage the
Federal Crop Insurance Corporation (FCIC).
The FCIC was created in 1938, during the
Great Depression
The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and ...
, to provide insurance for farmers to allow them to profit from crop production even under difficult agricultural and economic circumstances. Many American farmers were forced to leave their farms as a result of the
Dust Bowl during this period.
Programs, structure, staff, and budget
The Risk Management Agency (RMA) has three program areas: Insurance Services, which provides federal crop insurance to American farmers; Product Management, which develops and reviews crop insurance products to ensure actuarial soundness; and Compliance, which monitors federal crop insurance programs for fraud, waste, and abuse.
The RMA is managed by an Administrator appointed by the
United States Secretary of Agriculture. The RMA Administrator serves as the non-voting manager of the
Federal Crop Insurance Corporation Board.
The RMA employs Deputy Administrators to manage each of the three program areas, as well as a Chief Financial Officer, Chief Information Officer, a Director of the Office of Civil Rights, and a Director of the Office of External Affairs. There are ten RMA regional offices around the country.
The RMA employs more than 450 people in offices around the country.
The RMA had an operating budget of $74.8 million during Fiscal Year 2016, and managed more than $102 billion in insurance liability during 2015.
See also
*
Risk management
Risk management is the identification, evaluation, and prioritization of risks, followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. Risks can come from various sources (i.e, Threat (sec ...
References
External links
*
Risk Management Agencyin the
Federal Register
The ''Federal Register'' (FR or sometimes Fed. Reg.) is the government gazette, official journal of the federal government of the United States that contains government agency rules, proposed rules, and public notices. It is published every wee ...
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Agricultural economics
United States Department of Agriculture agencies
Risk management in business