Conceptual bases of forming the regional risk regulatory mechanism as a factor of sustainable economic growth

The modifying transformations of socio-economic processes taking place in Russian regions are largely characterized by high levels of dynamism and uncertainty, as well as multivariate effects, both positive and negative, that pose numerous threats and risks to the sustainable, safe development of socio-economic systems, which actualizes the need for scientific knowledge of the conditions and factors of risks and ways to manage them. The author studies adequate methods and tools for regulating the risks of socio-economic development of regions in the system of a holistic mechanism for ensuring sustainable economic growth. The paper highlights the characteristic regional features and the potential for applying such risk management methods as evasion, localization, dissipation and compensation, examines successful practices of their application in Volgograd region. The author proposes a concept of a mechanism for regulating the risks of the regional economy, which includes a system of directions and measures of state influence on socio- economic processes and economic entities (regulation “from above”) and methods and means by which economic entities in the region influence risk (regulation “from below”). The researcher has carried out an element-wise analysis of the risk management mechanism. The paper highlights its attributes: consistency, complex- and multi-structure properties and effectiveness and systematizes its subject-object and functional characteristics depending on the level of management: national, regional, economic entity level. The author proposes priority directions for the regulation of socio-economic processes that ensure competitive, sustainable and safe development of the region: digitalization of individual markets and industries; improving the institutional environment; development of innovation infrastructure aimed at increasing the efficiency of innovation commercialization.