Cornering can be a great advantage for those who know the proper technique; especially when it comes to racing.
Here's some tips:
Always, slow down (using both brakes) before entering a turn, not in the middle of it. This allows you to accelerate during and out of the corner, rather than taking it slow, or skidding at the last minute.
When approaching a corner, enter wide and drift towards the inside edge as you hit the apex. By doing this, you have the ability of safely cornering at higher speeds, without taking it so tight.
Align your upper body so that you are leaning toward the inside of the turn. Point your inside leg and knee in the direction of the turn, (knee away from frame) and place your weight on the outside pedal. The reason for this is to help maintain traction, and stability.