Importance The article focuses on transforming and determining the role of group interest representation in the system of management of the region's socio-economic processes. Objectives The research substantiates mechanisms, methods and channels, which functional representation of group interests involves to influence the system of management of the region's socio-economic processes. Methods We applied dialectical and historical approaches, time-based comparison, systems and structural and functional analysis. Results We determined how management of the region's socio-economic processes and sustainable development strategy depends on the extent of informed participation, social activity of the population and availability of respective institutions to functionally represent group interests, transparent mechanisms of territorial management. Conclusions and Relevance As we conclude, institutions of functional representation of group interests play an increasing role in management of socio-economic processes, while being an integral part of the civil society and one of the important mechanisms of its life and development.
Keywords: risk, assessment, business risk
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