Risk Management and Insurance

When implementing innovative projects in various fields, typical situations of risk occur, for which certain methods of their compensation can be recommended. The most common cases are as follows: 1. The risk of the wrong direction of research and development. Reasons: incorrect assessment of the result obtained in the process of fundamental research, inaccurate marketing. Risk factors: incomplete or poor-quality scientific and technical information, non-professional expertise at the stage of choosing ways to implement the results of basic research, the unrealizability of the result at this stage of development of applied science, inaccurate or poor quality marketing, the inability to realize the result of experimental development at a technological level. Plan for risk minimization: diversification of sources of scientific and technical information, continuous collection and updating of information on completed research, scientific equipment, modern technologies, etc., expansion and / or establishment of direct contacts with researchers and potential consumers of innovations, the use of external expert and marketing firms. 2. The risk of an incorrect assessment of the prospects for completing R & D. Reasons: wrong choice of the way to perform R & D, error in estimating terms, necessary resources, including financial ones, lack of necessary traditions at the enterprise and a system of continuous forecasting of the market environment, inability to carry out market monitoring, lack of effective methods of forecasting the behavior of market subjects, as well as macroeconomic factors . Risk factors: low level of scientific, technical and informational work at enterprises, lack of qualified managers and, as a result, low level of management, insufficient costs of expertise in the field of management improvement. Plan for risk minimization: the organization of purposeful work to improve the skills and integrity of managers of the enterprise, ensuring a high level of scientific, technical and informational work, attracting highly qualified experts. 3. The risk of insufficiency of material and personnel base. Reasons: unforeseen lack of funds, the lack of its own instrumentation and analytical base and the inability to use the corresponding bases of other enterprises, non-compliance with technology, technical accidents, strikes, the transfer of qualified personnel to other enterprises... 4. The risk of underutilization of the source materials due to the breakdown of the supply contract. Reasons: unforeseen situation at suppliers, inability to produce products necessary for an enterprise, inability to fulfill contract terms, decision making by a supplier to terminate a contract, decision making by a supplier to change contract terms: terms, prices, volumes, quality requirements for supplied products, traffic accidents.