Innovation management. Risk Reduction Techniques (Most Important)

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Innovation management. Risk Reduction Techniques (Most Important)

Lecture notes, cheat sheets

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26. RISK REDUCTION METHODS

The risk can be reduced, but it is impossible to completely avoid it in innovative activities; for this, innovative projects should be carefully analyzed. There are several risk mitigation methods:

1) distribution of risks - is distributed among the project participants in order to make responsible for the risk of the participant who is best able to calculate and control the risks, the most financially stable, able to overcome the consequences of the risks. The transfer or shifting of the risk of innovation can be done by concluding a contract, depending on the field of activity of the enterprise, for example: construction contracts; rental of machinery and equipment (leasing); contracts for the storage and transportation of goods; sales, service, supply contracts; contracts related to the distribution of goods and services; factoring agreement (providing financing against the assignment of a monetary claim); exchange transactions reduce the risk of supplying an innovative project in the face of inflationary expectations and the absence of reliable operational procurement routes;

2) diversification - allows you to really reduce portfolio risks by directing investments in different directions. Portfolios are formed with the condition that if, as a result of unforeseen (adverse) events, one of the projects is unprofitable, then the remaining projects will be profitable. This will save the firm from bankruptcy;

3) insurance and hedging. Insurance is the creation of a special fund of funds (insurance fund) and its use (distribution and redistribution) to compensate for the damage caused by insured events, by paying insurance compensation. Hedging - reducing the risk of adverse changes in the price environment by concluding futures contracts (futures and options). By buying and selling futures contracts, you can protect yourself from price fluctuations in the market;

4) organization of trade secret protection. In some cases, technical and commercial information about an innovative project being developed by the company provokes competitors to similar developments. To ensure the protection of trade secrets, a regulated procedure for working with information and access to it is introduced, which includes a set of legal, administrative, organizational, engineering, financial, social and other measures based on the legal norms of the Russian Federation, and organizational and administrative documents of the organization.

To obtain the result, a set of methods is used to minimize risks at all stages of the project.

Authors: Evgrafova I.Yu., Krasnikova E.O.

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