Governance refers to the systems, rules, and practices organizations establish to manage operations transparently and responsibly. It focuses on decision-making processes and the distribution of roles and responsibilities to achieve strategic objectives, ensure accountability, and maintain compliance.

Risk management is the process of identifying, assessing, and mitigating risks that could impact an organization’s ability to achieve its objectives. It focuses on protecting resources, minimizing negative impacts, and improving adaptability to unexpected events. This process includes a sequential approach of identifying risks, assessing them, classifying their severity, and taking appropriate actions to mitigate or avoid their impact.

Compliance is the process organizations follow to adhere to laws, regulations, and industry standards governing their operations. This involves compliance with:

• Local and international laws
• Internal policies
• Industry-specific requirements

Audit is an independent review and examination of an organization’s processes and procedures to ensure they comply with internal policies and regulatory standards. The purpose is to:

• Confirm compliance
• Improve operational efficiency
• Detect and address errors or risks