The motivation for this study was a new context associated with the increased cyclical nature of the economy and, accordingly, the increased financial risks of the business, which complicated the implementation of corporate social responsibility. The purpose of the article is to explore the relationship of corporate social responsibility with the financial risks of the business and explain this relationship in terms of sustainable development (SDGs). The article contributes to the development of the concept of financial risks of the business by clarifying their connection with corporate social responsibility and substantiating the relationship between the financial risks of the business. Structural equation modeling (SEM) showed that in 2020–2021, financial risks have demonstrated a complex (in most cases negative) relationship with each other and a contradictory impact on corporate social responsibility. The complex systemic relationship between corporate social responsibility and financial risks of business from the point of view of sustainable development is substantiated. In the context of increased financial risks, by systematically implementing SDGs 8, 9, 11, and 12, responsible companies get the opportunity to restore and improve their position in the market. The significance of the findings for businesses is that they proposed the SDGs as a promising new benchmark for business financial risk management. This will allow responsible companies to find a new Pareto optimum in the current conditions of uncertainty and determine for themselves the preferred level of corporate social responsibility that contributes to the effective financial risks of business management in the long term.

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Introduction. The article is devoted to identifying the shortcomings of civil law mechanisms currently in force in Russia to protect the rights and legitimate interests of crowdfunding entities based on technologies of Industry 4.0. The relevance of the declared topic is predetermined by the need for technological improvement of production processes during the period of neo-industrial transformations of the national economy, which, in turn, are impossible without impressive investments.Materials and methods. Researchers’ attention is focused on the Federal Law “On Attracting Investments Using Investment Platforms and Amending Certain Regulatory Acts of the Russian Federation”, the systemic change of which, in the author’s opinion, can solve the complex task of improving the existing set of financial instruments through the use of the latest digital technologies. The author uses the methods of system analysis, the formal legal and comparative legal method of scientific research.Research results. Recognizing the high importance of crowdfunding in a neo-industrial economy, the author devoted his research to the protection of the rights and legitimate interests of entities involved in investment relations. The unresolved issues and the provisions requiring modernization are  analyzed, which are contained in the Federal Law “On attracting investments using investment platforms and amending certain regulatory acts of the Russian Federation”. As a result of the analysis, specific proposals and recommendations on improving the federal law were made.Discussion and conclusions. The necessity of the emergence of new high-tech financial instruments to raise funds, allowing to radically improve the quality of decision-making in all sectors of the economy, including in the field of banking services, as well as significantly accelerate the transaction process, is substantiated. One of these developing instruments for investing in the fourth industrial revolution looking to the future is crowdfunding. The advantages of using crowdfunding and crowdinvesting platforms as investment transaction technologies are revealed.

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