Risk governance refers to the process of identifying, assessing, and managing risks within an organization. It involves the establishment of policies, procedures, and structures that enable an organization to effectively manage risks and ensure that they are aligned with its objectives and values. Risk governance is an essential component of corporate governance and is necessary for organizations to achieve their strategic goals while protecting their stakeholders from potential harm. It involves the active participation of all stakeholders, including management, employees, customers, suppliers, regulators, and shareholders. Effective risk governance helps organizations to make informed decisions, reduce uncertainty, and improve their overall performance.