What is governance? Enterprise wide Risk Framework

Question

Accepted Answer

Governance is the process of managing and controlling an organization to achieve its objectives and ensure compliance with laws and regulations.

Governance involves setting policies, procedures, and guidelines for decision-making and accountability.
It includes monitoring and evaluating performance, managing risks, and ensuring compliance with laws and regulations.
An enterprise-wide risk framework is a structured approach to identifying, assessing, and managing risks across an organization.
It helps to ensure that risks are identified and managed consistently across all business units and functions.
Examples of governance frameworks include the COSO framework and the ISO 31000 standard.
Effective governance is essential for the long-term success and sustainability of an organization.

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