The role of management consulting in the corporate governance system

Abstract

The article is devoted to the study of topical issues related to management consulting in corporate governance. Management consulting plays an important role in the corporate governance system, helping companies to achieve their strategic goals and optimize their operations through innovative approaches and solutions. It has been determined that management consultants are becoming key figures in helping companies develop strategies, optimize processes and solve complex management problems. In the context of globalization and rapid technological transformation of business, management consulting is becoming an integral component for companies seeking to remain competitive and adapt to new market realities. The author characterizes that the development of management consulting is not only diverse, but also takes two main forms. On the one hand, (and this has developed historically), consulting is a method of improving the existing forms of management and business, because initially the consulting process was a process of imitating the experience of the most successful managers. On the other hand, consulting is becoming an independent profession. The article analyzes risk management in a corporate enterprise, which includes identification, assessment and mitigation of risks that may affect the organization's goals, operations or stakeholders. It is highlighted that corporate governance is the systems, processes and principles by which a business is managed, regulated and controlled. The importance of effective governance increases linearly with the size of the business and the number of shareholders. It is noted that foreign investors often look for companies with effective management, transparent and accountable business. For small and medium-sized enterprises seeking to expand their operations and enter foreign markets, having a sound corporate governance practice can be a significant advantage. For foreign investors, it demonstrates the reliability of the business, reduces the potential risks associated with investments, and can create more favorable conditions for investment. It is proved that the creation of reliable mechanisms is necessary to control the financial integrity and operational efficiency of the enterprise.