Governance is the overall management approach that senior executives direct and control for the entire organisation. This management process is achieved by using a combination of hierarchical management control structures and information.

Governance activities will ensure that completed critical management information reaches the executive team sufficiently, with accuracy, and in and on time, enabling decision making and providing the control mechanisms. Appropriate management will ensure that all strategies, directions, and instructions management is carried out both effectively and systematically.

Risk management is the set of processes that management can identify, analyse, and, where necessary, respond appropriately to the risks that might affect the organisation’s business objectives.

The response to threats typically depends on their perceived gravity and involves controlling, avoiding, accepting, or transferring them to a third party. In contrast, organisations routinely manage various risks (e.g., technological risks, commercial/financial risks, information security risks etc.).

The meaning of compliance is to conform with asserted requirements. It is achieved through the management process, at an organisational level, that identifies the applicable conditions (defined, for example, in-laws, regulations, contracts, strategies and policies). It assesses the state of compliance, assesses the risks and potential costs of non-compliance against the projected expenses to achieve compliance, prioritises funds and initiates any necessary corrective actions.