Home  Journals  Financial Analytics: Science and Experience  28(262) - 2015 July

Modern aspects of managing risks of innovation projects

Vol. 8, Iss. 28, JULY 2015

Article PDF Version

Received: 8 June 2015

Accepted: 18 June 2015

Available online: 26 August 2015

Subject Heading: RISK, ANALYSIS AND EVALUATION

JEL Classification: 

Pages: 47-59

Importance Whereas the situation in the foreign policy aggravates and causes a downturn in the Russian economy, there is a need in innovative retrofitting of production and creating a mechanism for managing innovative projects of enterprises. As part of this issue, risk management is an effective tool to control the implementation of innovative projects, thus identifying threats and hazards in the legislative, production, investment and scientific environments and formulating the single strategy for corporate innovation management. The research focuses on the existing methods for managing risks of innovative projects and their comparison.
     Objectives The research aims at devising an effective mechanism for managing risks of innovative projects that would be relevant to the Russian entities operating in various production segments.
     Methods The research compares the existing methods for managing risks of innovation, examines the Russian and international approaches to organizing risk management.
     Results Based on the analysis, we specify an apparatus for managing innovative risks, propose a combined strategy for managing risks of innovative projects, investigate the existing risk management methods, and formulate requirements to risk management methods.
     Conclusions and Relevance Currently, the Russian entities need an effective mechanism for managing risks of innovative projects when implementing innovation. The national risk management methods do not allow deriving full financial benefit from innovative projects, since they are designated for preventing threats, rather than generating higher profit. The western risk management models are insufficiently effective for the Russian entities due to some legislative, production and economic specifics. We examine the methods for managing risks of innovative projects in order to set up the Russian standard on risk management needed for practical stewardship of entities implementing innovative projects.

Keywords: innovation, project, risk management, management, method

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