What is a primary responsibility of governance in an organization?

Governance in an organization primarily focuses on the structures, policies, and procedures that guide how an organization operates and makes decisions. One of its critical responsibilities is to protect financial accounts and public money. This involves ensuring that the organization operates transparently and complies with regulations and standards, ultimately safeguarding the interests of stakeholders, including shareholders, employees, and the public.

This aspect of governance is vital as it establishes accountability and trust, reducing the risk of financial mismanagement and corruption. It ensures that resources are used effectively and ethically, which is particularly crucial for organizations that are publicly funded or are responsible for managing public resources. This responsibility underpins sound financial practices and enhances an organization's credibility and integrity in its operations.

In contrast, managing daily operations, developing marketing strategies, and hiring staff are responsibilities typically associated with management functions rather than governance. While these tasks are essential for the organization's success, they do not align with the overarching role that governance plays in setting the framework and guidelines for how the organization should conduct its affairs.