Innovations are driving economic growth of a country, increasing its economic weight and competitiveness on the international arena. Strategically worked-out and manageable activity of companies in the field of innovations development and efforts at a state level in creating and supporting an optimal innovation climate will be an optimal combination on the way to innovative development of each economy. The need to adapt a company to innovative climate and necessity of potential growth, as well as high uncertainty of innovative activities leads to establish innovative risk management system. Combination of innovation strategy with innovative activity's risk management will enable implementing innovative potential of the company in the most complete, effective and timely manner. The article describes the diagram of innovation management strategy, which is based on innovative activity risk management system, details elements of established strategy with highlighted risk components of every stage. The study contains a justification why innovative way of development of Russian production is required, supported by statistical data, analysis of current economic situation and forecasts of economic development of Russia. Classification of innovative activity risks, potential innovation risk management system and approaches to estimation of its efficiency have been described within framework of the developed strategy.