This paper is devoted to the analysis of content, systematization and consideration of possible innovative risks arising in the management of the region competitiveness. Methods of abstract-logical approach, comparative analysis, M. Porter's micro-economic approach to competitiveness at the macrolevel, and the method of structural-block simulation were used. Two groups of reasons – internal and external, contributing to the emergence of innovation risks – were identified. It is shown that the former are connected with the contradictory essence of the innovations themselves, which simultaneously contain both positive and negative potential, and the inability to predict in advance which of the two corresponding potential possibilities – creative or destructive – is put into practice. The second group includes some external factors and specific economic conditions in the region, for example, shortcomings in the organization and functioning of the regional innovation system. The group of risks that have the greatest impact on the process of formation of new innovative competitive advantages in the region is considered. The conducted study of risks allowed to formulate a model of regional competitiveness management on an innovative basis, taking into account the possibility of risks at each stage of competitiveness development.The model can be used in practice after introducing innovations of various types into the economic activity of the region and forming a system of sustainable competitive advantages of the region