The study of foreign experience in improving the effectiveness of financial management of organizations

The article analyzes innovative approaches to budgeting, risk management, income diversification and other financial management tools used in a number of foreign countries and companies. Special attention is paid to the experience of the Republic of Bulgaria, South Africa, as well as the best practices of American financial groups American Express, American Financial Group, Ares Management, BancFirst and U.S. Bancorp. Based on the studied foreign experience, the authors identify key areas for improving the financial management of Russian enterprises, including the introduction of a more consolidated budgeting model, increasing management responsibility for risk management, the use of structured risk assessment methods, and the use of modern hedging and investment tools.