What Governance or Management Objective is designed to ensure compliance with all applicable external requirements?

The choice of Managed Compliance With External Requirements as the correct answer is based on its specific focus on ensuring that an organization adheres to all relevant laws, regulations, and external standards. This objective is essential for organizations operating in regulated environments, as it helps them avoid potential legal issues and penalties that can arise from non-compliance.

This governance or management objective emphasizes establishing a framework for compliance that encompasses identifying applicable external requirements, assessing compliance risks, and ensuring that necessary controls are in place to meet these external obligations. It involves continuous monitoring and updating of practices in response to changes in laws and regulations, thus reinforcing the organization's commitment to ethical conduct and governance.

Other options, while relevant to aspects of governance and management, do not specifically target the aspect of compliance with external requirements. For instance, managed performance and conformance monitoring focuses more on performance evaluation and alignment with organizational goals, the managed system of internal control deals with risk management and operational efficiency, and managed business process controls primarily focus on the effectiveness and efficiency of business operations.