Abstract:

In present-day realities, financial innovation is a key growth driver for businesses, regions, and the overall economy in Russia as a whole. In practice, innovation characteristics of business entities are described through multiple factors, both internal and external. Internal factors include, inter alia, management factors, managers’ focus on current problems, cutting-edge management practices, especially, strategic management and management of financial innovation and risk related thereto. The paper describes contemporary approaches to the strategic management of financial innovation and related risks and explores the essence and role of strategic financial innovation in the development of corporate management systems (CMS). It also formulates proposals that might contribute to improving decision-making processes in the selection of financial innovation strategies, making sound decisions on the time frame for a company to introduce strategic or enhancing financial innovation, and to applying good solutions based on the strategic financial innovation life cycle within the corporate management system.