Governance
Governance is the framework that directs and enables an organization through its established policies, practices, and relevant documentation. It ensures accountability, decision-making, and strategic alignment across all levels of an organization.
Key Aspects of Governance
- Defines Decision-Making Authority – Establishes who is responsible for key project and business decisions.
- Ensures Compliance & Accountability – Aligns operations with legal, regulatory, and ethical standards.
- Supports Strategic Alignment – Ensures projects contribute to organizational objectives.
- Provides Oversight & Risk Management – Helps identify and mitigate risks effectively.
Example Scenarios
Corporate Governance
A company establishes policies to guide financial reporting, risk management, and ethical behavior.
Project Governance
A steering committee reviews major projects to ensure alignment with business goals before approval.
IT Governance
An organization implements security protocols to protect customer data and comply with regulations.
Why Governance Matters
- Ensures Organizational Stability – Creates a structured approach to management.
- Improves Accountability – Clearly defines roles and responsibilities.
- Enhances Risk Management – Reduces exposure to legal and operational risks.
- Aligns Projects with Business Strategy – Ensures resources are used effectively.
See also: Project Governance, Risk Management, Stakeholder Engagement, Corporate Strategy.