Features Of Corporate Innovation Risk Management

Abstract

The study is relevant due to the rapid development of scientific and technological progress in the context of the digitalization of the economy and the introduction of innovative technologies into business processes. However, in order to successfully compete, modern companies need to correctly assess the risks associated with innovation in order to make effective management decisions in a timely manner. Since innovations require large capital investments from companies, the process of individual selection of optimal risk management tools for a corporation, taking into account the totality of factors of the macro and microenvironment in which it conducts financial and economic activities, becomes important. The article investigates the issues of interpretation and comprehensive classification of innovative risks, methods of their quantitative and qualitative analysis and assessment, which are the basis for making management decisions. Innovation risk is caused by a high degree of uncertainty in the result of the introduction of new technologies, and therefore risk management is a particularly important area of the corporation's activity, which is actively engaged in innovation. In the case of illiterate analysis and incorrect assessment of innovative risks, the company may lose its competitive position in the market and fail to recover the costs of attracted investments, which often leads to complete ruin and financial ruin. On the contrary, effective management of the system of investment and innovation risks will allow the corporation to actively promote its product and receive excess profits through the introduction of new technologies.