A methods of full risks assessment of regional development is presented in the article. Index system, which characterize riskcontributing factor, is generated. On the selected indexes using Novgorod region as an example the analysis and risk assessment were made. Grading and positioning of Northwestern Federal District regions on risk level were carried out; development thrust for Novgorod region was defined. Key risks of sustainable growth in the context of adoption to economy innovative model were identified. Risks are conditioned upon intern limitations. Guidelines for implementation of high priority measures, which can be used by executive authority due to improving of regional policy, were elaborated.
Keywords: regional economics, risk-contributing factors, risks assessment, sustainable development, innovation-based economy