Scholarly record

MANAGING RISKS OF PUBLIC-PRIVATE PARTNERSHIP IN INNOVATION-FOCUSED ECONOMY: A REGIONAL ASPECT

Elena Lazareva, T. Anopchenko, E. Roshchina

Abstract

The relevance of this study is determined by the quality and effectiveness of project management processes that determine the main directions of the business entity development growing importance in the context of global instability and the escalation of competition. There is a need to increase the volume of investments in project risk management, including public-private partnership (PPP) projects as one of the most promising mechanisms for solving accumulated problems in various sectors of the regional economy. The need to manage the risks of public-private partnership, as world practice demonstrates, is especially evident in the innovative orientation of the modern economy, with the formation of regional innovation systems regarded as the unity of state, private, public organizations and the processes of their interaction. The purpose of the study is to propose real ways of forming a risk management system for public-private partnership projects in an innovative-oriented regional economy on the basis of applying a spectrum of various adaptive management tools that adjusts for variations in the endogenous and exogenous parameters of the region. Such problems as structural representation of risk factors, justification of the systemic risk management of PPP projects, development of strategies and tools for diversifying various types of risks needed to be solved to achieve the research goal. The innovativeness of the author's approach, first of all, consists in justifying the necessity and algorithmization of the process of integrating the proposed strategies and tools into the system of project risk management of the regional economy innovative and sustainable development. Principles of adaptive risk management of public-private partnerships, disclosed on the basis of research, make it possible to strengthen the scientific and instrumental component of the management system of innovation-sustainable development of the regional economy in the conditions of dynamic fluctuations of the world innovation ecosystem. The results of approbation make it possible to recommend the author's algorithm for diversifying the risks of public-private projects for application in the development of regional socio-economic policies.

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