what is governance structure

10 months ago 44
Nature

A governance structure refers to the framework of an organization's governance, encompassing rules, procedures, roles, and the division of responsibilities within the decision-making process. It is essential for providing clear guidelines, reducing chaos, and ensuring the efficient, effective, and ethical execution of duties

. The governance structure outlines the governing body's roles, responsibilities, and relationships in an organization, clearly stating who is responsible for making decisions and how those decisions are made

. It is a supporting structure that directs how people interact with the organization, regulators, and stakeholders to guide and monitor operations closely

. The governance structure is crucial in project management, as it keeps the project in check, allowing it to run flawlessly and in accordance with the plan

. It is also important for modern governance and legal operations, helping organizations stay on the right side of regulators regarding remuneration methods and transparency of operations