Risk management model of international cluster projects as an element of the risk management system of territorial clusters

With globalization of the economic space, there is an intensification of the integration processes of regional and national socio-economicsystems, as well as collaboration between individual economic agents. At the same time, the external environment is characterized by increased instability and uncertaintywhich actualizes theneedtointroduceriskmanagementintheadministrationsystemsof these processes. Nowadays domestic clusters are active participants of these processes. Cooperation of territorial clusters with foreign partners is of crucial importance; however, the study of the specifics of its risk management is usually ignored in modern literature. In this regard, the purpose of the research is to form a conceptual risk management model of international cluster projects that contributes to the effective functioning of the territorial cluster administration system. A theoretical review of the main approaches to building cluster risk management models has revealed that they are highly specialized, offer mainly industry-specific tool solutions, and do not take into account the variety of risk factors in international cooperation. Taking into account the limitations, the authors have developed a conceptual risk management model for an international cluster project. It includes the following stages: 1) identification and expert assessment of risks; 2) assessment of integral risk indicator; 3) development of management decisions to minimize possible negative consequences and threats to the project implementation; 4) analysis of the results and adjustment of management decisions; 5) monitoring and control of risks. Distinctive features of the authors’ model are to focus on an integrated, comprehensive assessment of the risks of international cluster cooperation; emphasis on the conceptual foundations of the system of strategic risk management of the cluster; analysis and reflect current best practice risks of international cluster projects, the opportunity to exchange experiences and training of the project’s partners; the formation of a single coordinate system in the partners’ vision of the risks of international cluster projects. In the case of the cooperation project of the pharmaceutical cluster of the Perm Oblast with foreign partners, the researchers have demonstrated the role of the model in building effective administration system of territorial cluster as a component of risk management. It increases the validity of management decisions, and helps to assess the probability of exogenous and endogenous risks and their timely leveling.