The article provides a brief analysis of the current state of housing and communal services in Russia and the necessity of reforming the relationship between the institutional subjects, and the modernization of public infrastructure with the introduction of innovative technologies and materials. The paper shows the basic functions of the institutional entities of the utilities and some features of their interaction at different levels of management. It also shows the role and importance of the concept of “risk” as an economic category, which has become an objective law, causing quantitative and qualitative changes in the determination of indicators of financial and economic activity of the housing and utilities sector institutional players. The paper says that the sources of risk are the factors contributing to the uncertainty of information and that uncertainty is a complicated economic category relating to the implementation of the financial and economic activity. The author has identified two significant groups of uncertainties – external and internal ones, as well as the mechanisms of influence on the functioning of the housing and utilities sector institutional players.
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