RISK MANAGEMENT MECHANISMS FOR PROJECT IMPLEMENTATION WITHIN THE FRAMEWORK OF INNOVATIVE PROGRAMS

Abstract

The subject matter of the article is the methods, models and mechanisms of risk-based management of innovative programs. The goal of the work is to develop a risk management mechanism for innovation projects implemented as part of the innovative programs implementation taking into account insurance methods. The following tasks were solved in the article: analysis of the innovation management model of enterprises and organizations in Ukraine and abroad, the study of modern risk management methods for innovative projects, the development of a risk insurance mechanism for innovative programs taking into account the project management methodology. The following methods are user: project and program management methods, systems theory and systems analysis, risk management methods. The following results were obtained: the definitions of innovation, innovation activity management, innovation program, innovation project risk were clarified; the main types of risks arising from the implementation of innovation programs were identified; a mechanism of risk-oriented innovation activity management based on the project management methodology taking into account risk insurance methods was proposed. Conclusions: The paper analyzes the features of the implementation of innovative activities. It is established that the peculiarity of the implementation of innovative projects is the significant uncertainty of the results. It is indicated that during the initiation and implementation of an innovation program, it is necessary to determine the probability of its successful implementation based on the use of risk management models and methods in accordance with the ISO 31000 standard. The paper shows the appropriateness of applying the insurance method when implementing risk management mechanisms of the innovation program. Moreover, it was prescribed that the level of risk in the development and commercialization of products of innovative projects is directly dependent on the degree of innovation of the innovation, that is, the higher the novelty of the innovative product, the higher the risk level relative to its relevance. The use of insurance mechanisms in managing the risks of the innovation program allows to transfer part of the risks of program participants to insurance companies in the amount of a certain calculated insurance amount. It has been established that insurance of risks of the innovation program does not change the existing risk parameters, but provides protection against possible adverse financial consequences of the implementation of the risk, which is important in the conditions of implementation of products of innovative projects. To reduce the cost of insurance and related expenses of organizations within the framework of the implementation of the innovation program, this tool should be used in combination with other methods of risk management of organizations.

Keywords

• project and program management
• risk management
• innovation program
• insurance