Risk governance is the structure, processes and mechanisms put in place by an organization to effectively manage and monitor risk. This includes establishing clear roles and responsibilities for risk management, defining accountability, and ensuring that risk management practices are integrated into the organization's overall governance framework. Risk governance includes the policies, procedures and guidelines that guide risk management activities, as well as the decision-making processes for identifying, assessing, and responding to risks. It includes allocating resources, setting risk tolerance levels, and monitoring and reporting on risk management activities. Effective risk governance promotes transparency, accountability, and consistency in risk management across the organization, ultimately improving its ability to achieve its objectives while minimizing potential negative impacts.

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