Governance is the system of rules, practices and processes by which decisions are made in an organization to allocate scarce resources. Governance is one of the most overlooked yet essential tools in the strategic leader’s toolkit. I typically organize decisions around budgets, time and people, which are the main scarce resources of an organization.
Governance is not difficult; it just takes implementing best practices and diligence. Typically, budget governance is owned by finance or accounting, people governance by HR, and time and resource governance owned by the functions.
To get you going on governance, download the free and editable Governance PowerPoint Worksheets.