About many-sided nature of risk and his wheels within wheels talks circumstance that even the decision of minimization of risk contains a risk.

On the basis of this analysis an author offers determination of risk of investment project, which reflects essence of of the same name conception:

A risk of IP is the system of factors, showing up as a complex of risks (threats), individual for every participant IP, as in quantitative so in a high-quality relation. The system of risks of IP can be presented in the following kind (21):

where: possible amount of risks of IP; amount of participants of project.

An accent is done on circumstance that a risk of IP is the difficult system with numerous intercommunications, showing up for each of participants of IP as individual combination - complex, that the risk of I-го participant of project will be described on a formula :

The column of matrix shows here, that the value of any risk for every participant of project shows up also individually.

Algorithm of management the risk of IP

1. The analysis of risks, as a rule, is begun with a high-quality analysis the purpose of which is authentication of risks. This purpose disintegrates on the followings:

- exposure of all spectrum of risks, inherent an investment project;

- description of risks;

- classification and groupment of risks;

- analysis of initial assumptions.

Unfortunately, swingeing majority of domestic developers of IP decide on this initial stage, which, in fact, is only the preparatory phase of valuable analysis.

2. Second and the most difficult phase of risk-analysis is a quantitative analysis of risks, the purpose of which is measuring of risk, that decision of the followings:

- formalization of vagueness;

- calculation of risks;

- estimation of risks;

- account of risks;

3. On the third stages a risk-analysis is fluently transformed from a priori, theoretical judgements in practical activity on a management a risk. It takes place in the moment of completion of planning of risk-management strategy and beginning of its realization. The same stage completes engineering of investment projects.

4. The fourth stages are control, in fact, is beginning of IP, he completes a risk-management process and provides him a recurrence.