What does the term "Processes" refer to in terms of governance components?

The term "Processes" in the context of governance components refers to an organized set of practices and activities that are designed to achieve specific objectives. This definition encapsulates how organizations implement governance frameworks, ensuring that activities are structured and aligned with overall goals.

Processes involve a series of coordinated tasks that lead to outcomes aligned with strategic objectives, thereby providing the foundation on which governance models can be built. By defining and documenting these processes, organizations can ensure consistency, compliance with regulations, and the ability to measure performance effectively.

While procedures for service delivery, monitoring mechanisms, and guidelines for stakeholder engagement are all important aspects of governance, they fall under broader categories that are supported by the structured processes defined within the governance framework. Therefore, understanding "Processes" as an organized set of practices and activities is crucial for effective governance and risk management in any organization.