THE ROLE OF CORPORATE GOVERNANCE IN SHAPING THE RISK MANAGEMENT SYSTEM OF JOINT-STOCK COMPANIES

Abstract

The article examines modern approaches to corporate governance and their impact on the formation of a risk management system in joint-stock companies under conditions of a dynamic and unstable external environment. It investigates the influence of globalization processes, digital transformation of the economy, geopolitical factors, and an increased level of uncertainty on the growing complexity of managerial activities in joint-stock companies. The relevance of adapting corporate governance to new operating conditions is substantiated, which implies strengthening requirements for transparency, accountability, business ethics, and compliance with sustainable development principles. A conceptual model of an integrated corporate governance risk management system has been developed, which is systemic in nature and implemented through a sequence of interrelated stages. It is determined that the modern corporate governance model should be based on the integration of risk management into the strategic management process, ensuring timely identification of potential threats and the formation of effective mechanisms for their neutralization. A classification of risks according to their level of criticality within the corporate governance system of joint-stock companies is presented, which is an important prerequisite for improving the validity and effectiveness of managerial decisions. The proposed approach is based on the division of risks depending on their potential impact on financial stability, investment attractiveness, and the overall sustainability of joint-stock company operations. It is established that the effectiveness of corporate governance largely depends on the level of development of corporate culture, internal control systems, compliance, and adherence to corporate social responsibility principles. The proposed approaches contribute to increasing the adaptability of enterprises to conditions of uncertainty and strengthening their competitive positions. The implementation of the outlined provisions creates a foundation for forming a more effective, transparent, and strategically oriented corporate governance model.