Enterprises exist to deliver value to their stakeholders. Delivering value is achieved by operating within a value and risk atmosphere that is acceptable and advantageous and using resources responsibly. In a rapidly changing environment, speedy direction setting and quick reaction to change are essential. Decision-making accountabilities must be shared among many people - and when accountability must be shared, governance comes into play. Successful enterprises ensure they have implemented an overarching system of governance that facilitates the achievement of their desired outcomes, both at the enterprise level and at each level within the enterprise.

Although it is difficult to imagine today, there was a time in the not-too-distant past that the term “governance” was not used so often or so freely. Based on Latin and Greek words referring to the steering of a ship, governance was a concept primarily restricted to the CEO’s office and the boardroom.

But several global business catastrophes over the last few decades brought the term to the forefront of business thinking. Massive trader fraud at Barings Bank and Société Générale uncovered a breakdown in the monitoring of internal processes. Enron’s phenomenal success was revealed to be due, in some measure, to systematic, long-term, organized accounting fraud.

Many entities have proposed definitions of governance, but they tend to be focused on a particular view or type of governance, activities or roles. The following high level definition a governance system is proposed, to cover all types and views:

The governance mapping initiative was undertaken for many reasons. In addition to gaining a better understanding of the governance space and how the many components fit together, the intent is to populate the resulting maps in ways that will help all organizations dealing with these topics gain a better comprehension of what and who are operating in the governance space. Ultimately, it is hoped that the final product will encourage and assist enterprises to apply effective and efficient governance concepts within their own structures.

Effective enterprise governance will result in improved performance and compliance to external requirements, yet successful implementation remains elusive for many enterprises. Enablers need to be supported with carefully prescribed roles, responsibilities and accountabilities. They also require an appropriate set of guiding objectives and organisational structures that tailored to the enterprise.