What is the impact of governance on risk management, assurance, and accountability?

Governance plays a crucial role in shaping risk management, assurance, and accountability within an organization. It establishes the framework, policies, and procedures that guide decision-making and ensure the implementation of effective risk management practices. Good governance promotes transparency, accountability, and integrity, thereby reducing the likelihood of risks and enabling the organization to respond appropriately when risks materialize. Through proper governance, organizations can establish robust risk management systems, ensure compliance with regulatory requirements, and maintain stakeholder confidence. Effective governance also enables the organization to establish clear lines of accountability, ensuring that individuals and teams are responsible for managing and mitigating risks. Overall, governance provides the necessary oversight and structure to effectively manage risks, provide assurance to stakeholders, and maintain accountability throughout the organization.

This mind map was published on 21 October 2023 and has been viewed 67 times.