Dairy farms are dynamic systems, constantly adapting to the biophysical, social and economic environments in which they operate. This study represents the second step in an integrated assessment of adaptation options for six temperate, pasture based dairy farms under different climate change scenarios. Based on interviews with the decision-makers on six farms from different regions of New Zealand, it provides farmer perspectives on how climatic risks are positioned within the broader context of continuous change and development. Climate change is seen as only one of a wide range of risks and these experienced farmers place particular emphasis on risks that may limit their adaptive capacity, such as regulatory risks and those associated with management and staff capability. They also share strategies for increasing the resilience of their farming systems, including buffering the system, increasing diversity and flexibility, planning in time and space and building social capital.