Melsoft Study

Governance is the way rules, norms and actions are structured, sustained, regulated and held accountable. The degree of formality depends on the internal rules of a given organization and, externally, with its business partners. What is accountability in good governance? Accountability, in terms of ethics and governance, is equated with answerability, blameworthiness, liability, and the expectation of account-giving. As in an aspect of governance, it has been central to discussions related to problems in the public sector, non-profit and private (corporate) and individual contexts. What are the types of governance structures? There are three types of governance structures including, internal and external mechanisms and independent audits. Internal mechanisms establish reporting lines and performance measures that help monitor an organization's activities to ensure the business stays on track. What are the 5 principles of good governance? Act according to high ethical standards. Identify, understand and manage conflicts of interest and loyalty. Maintain independence of decision making. Ensure open communication by informing and consulting people about the organisation and its work.

KT0102 - Rules, norms and actions are structured, sustained, regulated and held accountable