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The phrase "exercise its influence" is correct and commonly used in written English.
It means to actively or intentionally use one's influence or power to affect a certain situation or outcome. Example: "The company's CEO often uses his position and connections to exercise its influence in government policies related to the industry." In this sentence, "exercise its influence" shows that the CEO actively utilizes their power and influence to impact government decisions.
Exact(15)
Qatar in particular now holds the presidency at the Arab Summit, which gives it the legitimacy to exercise its influence.
To the extent that the Roman Catholic Church in the DRC has attempted to exercise its influence in terms of family planning, it has been to promote natural methods over "artificial contraception".
And while the federal government can exercise its influence on health policy using its power of the purse, it has, until recently, been hesitant about spending the necessary funds to address the addictions crisis.
Administration officials say the United States will have to exercise its influence tactfully and quietly.
Neighboring governments want China, the North's leading provider of aid and trade, to exercise its influence on the isolated country.
"I asked that China, given its close ties with Myanmar, exercise its influence, and Prime Minister Wen said he would make such efforts," Mr. Fukuda said.
Similar(45)
While politicians do their best to control it, media also exercises its influence on politicians.
The administration allowed the need to placate labor unions to hinder the United States from exercising its influence.
But in practice the United States usually gets its way, exercising its influence behind the scenes, often in interactions between Mr. Fischer and Mr. Summers.
Prior to the Carter Doctrine, the United States had exercised its influence in the Middle East through friendly governments in Saudi Arabia and Iran: the so-called "twin pillars" of American policy.
The version also exercised its influence upon Egyptian Christians and its rendering of the Pentateuch was adapted by Abū al-Ḥasan to the Samaritan Torah in the 11th 12th centuries.
More suggestions(20)
exercise its role
exert its influence
exercise its clout
exercise its authority
practice its influence
exercise its leverage
exercise its leadership
sport its influence
exercising its influence
exercise its veto
exercise its freedom
exercise its arrest
exercise its responsibility
exercise its control
exercise its magic
exercise its namesake
exercise its right
exercise its effectiveness
exercise its taxing
exercise its power
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com