ENTERPRISE CHANGE MANAGEMENT BASED ON RISK MANAGEMENT, CORPORATE GOVERNANCE, AND FINANCIAL STABILITY
DOI:
https://doi.org/10.60022/3(4)-50SKeywords:
change management, risk management, corporate governance, financial stability, financial risks, enterprise transformation, financial control, managerial decisionsAbstract
The article substantiates the theoretical and practical foundations of enterprise change management by integrating risk management, corporate governance, and financial stability. It demonstrates that the effectiveness of transformations is determined not only by their economic viability but also by the enterprise’s ability to ensure risk control, sufficient financial resources, and proper corporate oversight during the implementation of management decisions. The study proposes viewing change management as a sequence of phases: justifying the change, verifying its feasibility, implementing it, and stabilizing the resulting outcome. Methodological tools for assessing the financial backing of transformations have been developed, including ratios for financial coverage of changes, transformation risk coverage, and the debt burden associated with changes. The necessity of distinguishing between the enterprise’s financial stability before and after the transformation is substantiated; this approach allows for the consideration of not only the economic impact achieved but also its effect on liquidity, solvency, financial reserves, and future development prospects. Tools for corporate control over transformations are proposed, including a “risk passport” for the change, a system of control points, and the establishment of limits on managerial autonomy. The study also highlights the advisability of using scenario-based budgeting and a phased implementation approach under conditions of high uncertainty. Model-based calculations indicate that the maximum expected economic effect does not always align with the most acceptable transformation scenario, due to potential increases in debt burden and insufficient coverage of potential losses. A principle of financially controlled transformation is formulated, whereby effective change management must ensure the resource capacity to implement changes, the ability to offset potential deviations, corporate oversight of critical decisions, and the preservation of the enterprise’s financial potential for future development
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Copyright (c) 2026 Ольга Максимівна Мартин, Олексій Володимирович Прокопенко, Андрій Олександрович Загорулько (Автор)
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