An enterprise is an open one that is inseparable and firmly incorporated into a complex network of social relations in which the value that drives our civilization is created. Corporate governance deals with management structures and processes in business systems, and only corporate governance can be defined as a system of control mechanisms by which all suppliers of crucial inputs should ensure returns on their investments in the enterprise without compromising survival and prosperity. Corporate governance plays an important role in business, especially when it comes to risks that arise in business. Risk is a calculated prognosis, ie the probability of possible damage, loss or danger. When there is risk in a business, it means that there are at least two possible outcomes. If it is known in advance that the loss will not or will not be realized, then the risk does not exist, ie the probability of events that are unachievable is equal to zero, while the probability of a certain event is equal to one. One of the risks that arise in modern business is the recession. The recession is a significant decline in economic activity across the country that lasts more than a few months and is most noticeable in the reduction of GDP, decline in personal income, employment, industrial production and sales. Experts claim that the COVID - 19 virus has significantly affected economies around the world, and that the world will be hit by a recession in addition to the health crisis. When it comes to the Republic of Croatia, all recessions were long-lasting and had very severe consequences. Today, Croatia is on the path of a deep recession. Due to the COVID - 19 virus, many companies focused more on corporate governance and crisis management, which were extremely important in rescuing corporations.