Redistribution of risk management priorities in the housing construction sector under the conditions of external shocksшоков

Abstract

Introduction. The purpose of the research is to study the nature of the impact of external economic shocks on development companies in the housing sector and determine the need to shift the priority of the risk management system towards external risk management. Materials and methods. Methodological approaches to solving this problem stem from the analysis and comparison of statistical data on economic cycles in the construction industry of the Russian Federation, as well as the results of analytical studies and assessments, made by institutional organizations, and surveys, conducted by industry experts. Results. The authors have analyzed the effect of the consequences of crises since 2014 on the residential real estate market, as well as their comparison in terms of the impact on the economy of the construction industry, changes in its product, purchasing power and consumer preferences. Relevant corporate and management-focused benchmarks have been set in terms of the current economic situation and its 5-year projections. These benchmarks justify the need to redistribute the risk load within the product price and add supplementary risk management elements to minimize hard-to-predict risks under the conditions of a highly volatile external economic environment. Conclusions. The authors have found that external risks are inadequately taken account of when the risk load is transferred from a construction industry enterprise to the cost of product in the present-day economic reality. Over the period of the medium-term development of the economy, the activity of a developer in the housing sector is impossible without the implementation of supplementary risk management tools and a financial model of projects that takes account of a high probability of new external economic shocks.