RISK MANAGEMENT OF INNOVATION AND INVESTMENT ACTIVITIES OF RAILWAY TRANSPORT DURING WARTIME

The article proves the expediency of investing in innovative projects in railway transport in the conditions of military operations, the implementation of which contributes to the functioning of critical infrastructure facilities and the growth of the country's defense capability. Therefore, it is necessary to ensure effective risk management of investment activities. The article establishes the identity of the concepts of “investment risks” and “risks of investment activity”. The sources of investment risk formation are analyzed and it is established that the risks of investment activity are primarily associated with the existence of a time gap between the moment of investment and the moment of income generation and the payback of the project. This time gap (lag) causes uncertainty in the business environment and project implementation, which can cause deviations in actual costs and revenues from projected values, and therefore causes risks of project payback and efficiency. The algorithm of investment activity risk management based on the classical risk management approach with due regard for the peculiarities of martial law in Ukraine is proposed in the article. The article describes the main tools for investment risk management and the features of their application in railway transport during the wartime in Ukraine. The most prospective and important investment projects, the implementation of which will ensure the stable operation of Ukrzaliznytsia and its competitiveness, are characterized in the article. In particular, the article outlines the peculiarities of applying such a risk management method as property insurance in the context of military operations in Ukraine. The article describes the most promising and urgent investment projects, the implementation of which will ensure the stable operation of JSC Ukrzaliznytsia and its competitiveness. It is determined that in order to increase the attractiveness of Ukrzaliznytsia as an investment object, it is necessary to implement a set of measures, in particular, to reform its activities. At the same time, the advantage of Ukrzaliznytsia as an investment object is its stress resistance and ability to function effectively in conditions of high risks.