The article is theoretical in nature and represents a methodological analysis of risks and their role in innovation. The article highlights and analyses different approaches to the study of risks - economic, technological, political, social, institutional, socio-psychological and philosophical-psychological. On the basis of the listed approaches, the authors have proposed a multi-vector model for analysing the risks of innovation, which includes three vectors - economic and technological, socio-environmental and psychological. The advantages and directions for improving the proposed model are also disclosed. It is assumed that the model will be in demand for training the specialists in entrepreneurship and innovation, in assessing the risks of innovation and as a basis for further research in multidimensional risks of innovation and the role of the human factor in such risks.