Governance-based

Relating to, or founded on, the principles and practices of governance. This encompasses the systems, processes, and frameworks by which organizations, institutions, or even societies are directed, controlled, and held accountable. A governance-based approach prioritizes established rules, regulations, transparency, ethical conduct, and the efficient allocation of resources. It emphasizes stakeholder engagement, decision-making structures, and mechanisms for monitoring and evaluation, ensuring fairness, sustainability, and the effective achievement of objectives. It promotes accountability and aims to reduce corruption and improve overall performance.

Governance-based meaning with examples

• The company implemented a governance-based risk management strategy, integrating ethical considerations into all operational areas. This involved clearly defined reporting lines, regular audits, and robust compliance programs. This proactive approach helped the company mitigate potential legal and financial setbacks, fostering trust among investors and the wider public. The aim was to minimize risks and strengthen the company's reputation, creating long-term value.
• The development project adopted a governance-based framework for community engagement. The local people were given a key role in deciding where, and how, the budget was used. By establishing clear channels for consultation, feedback, and impact assessment, this ensured the project's responsiveness to the community's needs. This participatory method led to wider ownership and sustainability for the initiative, which had many improvements and changes over time.
• International organizations promote governance-based solutions to global challenges like climate change and poverty. This often involves establishing international treaties, developing joint strategies, and providing financial assistance. These global actions address environmental concerns and promote equitable development across different countries. The goal is to build consensus and find common ground to achieve sustainable outcomes that serve the world.
• The research focused on creating a governance-based model for artificial intelligence development, to address ethical concerns around privacy and data security. This involved developing frameworks for algorithm transparency, data use restrictions, and human oversight to ensure accountability. Such developments could potentially address future risks and guarantee AI is used for good. This would also make it more acceptable.
• Non-profit organizations are increasingly adopting governance-based approaches, using clear procedures and open decision-making processes. This builds trust among donors, volunteers, and beneficiaries. Such improvements are reflected in regular performance reviews and independent audits. Effective governance enables these organizations to operate ethically and efficiently, maximizing their impact on the issues they address in society.