The article discusses the problem of exceeding the planned cost of construction, sources of origin and ways to manage the risk of the need for additional financing of construction at the stage of project preparation. The possibilities of solving the problem by substantiating the reserve funds for unforeseen works and costs on the basis of the process approach and the digital model of distributed risk assessment are considered. In order to improve the reliability of determining the cost of construction, the dependence of the reserve funds for unforeseen works and costs, risk cost and risk degree is determined. An example is given of substantiating the reserve funds for unforeseen works and costs in the composition of the summary budget calculation of capital repair of the 1st Yelagin bridge over the Srednyaya Nevka river in Saint-Petersburg taking into account project design, production, technology, pricing, contractual and inflationary risk factors.

The impact of risks on organizations' performance, the effectiveness of projects and business processes is constantly increasing, and the level of risk is often a determining factor in strategic decision-making. However, according to international statistics, only 16.2% of projects are recognized as successful — performed on time and within the budget, and 52.7% of projects are implemented with an excess of budget, on average by 89%. In order to improve the efficiency of integrated risk management systems, for the first time, an attempt has been made to take into account the synergy, resulting from the digital integration of many heterogeneous elements of the management system and the uncertainties of existing factors into a single socio-economic system based on the priority of the subjective, which are associated with concepts such as non-linearity, uncertainty and randomness. The mutual influence and adjustment the elements of a integrated management system to the purpose and conditions of operation means, that the system relies on a distributed quality and performance assessment, taking into account the uncertainties of existing risk factors. The real transport infrastructure investment project shows the benefits of a synergistic approach and the digital method of integrated bundles, its software implementation on the Microsoft Excel platform in ensuring risk management and achieving the reliability of estimates based on uncertainty and risk.

This paper reports on a study of the methodological principles and roles of social institutions in controlling business activities. The level of their administrative interference in business activities is analyzed, particularly regarding administrative barriers restricting business in the construction sector. The study concludes that social institutions, on the one hand, reduce economic risks of entrepreneurship and encourage the fulfilling of formal norms. However, on the other hand, they perform a restrictive function, increasing entrepreneurs' transactional costs. The paper provides examples of informal norms that restrict entrepreneurial activity in the construction field, with a conclusion about non-systemic business support measures. JEL

Problems of forming cost estimates for the construction industry is relevant in Russia, where many construction organizations face the issue of a current pricing system that does not consider new technologies in construction. This leads to underestimations of costs in construction and limits opportunity for competitive pricing between construction companies. This article aims to provide recommendations for improving reliability in calculating construction costs and enhance efficiencies in capital investments by construction participants. The article provides an analysis of the existing system of pricing in construction, and the peculiarities of the system of pricing in both Russia and the United States. Results indicate the need for expediency in applying certain provisions of the foreign system into that of Russia's for determining the cost of construction. These measures would help minimize the presence of contractors in the construction market who do not actually perform the construction and installation work on their own, and to achieve the desired level of profitability of 8 to 10%. JEL

The article is devoted to the development of the concept of integration of risk management and internal control in the context of ensuring the performance, security and sustainable development. The aim is to develop the theory and practice of risk management and internal control based on digital technologies and digital risk profile, the introduction of risk appetite and risk tolerance as a tool for integrating risk management with the processes of strategic planning, value creation and performance assurance. A thesaurus is compiled and the risk management process is considered, which allows to identify the economic meaning of risk appetite and risk tolerance in conjunction with the risk profile and strategic planning. A new digital paradigm of risk management, based on the statement of nonlinearity and arbitrary (not necessarily normal) risk distribution, and a digital method of integral convolution of numbers, which provides the possibility of distributed risk assessment and risk profile construction, are discussed. A digital visualization of risk management and internal control is proposed, reflecting the relationship between the risk profile, risk appetite, tolerance and risk impact strategy, and its advantages are shown on the example of a contract system in the field of public and corporate procurement. Integration of risk management and internal control with strategic planning, cost and performance, its digital visualization, displaying the relationship of risk management with risk appetite and risk tolerance, can become an additional driver of growth of the national economy.