Developing areas of concern are being dealt with.Activities comply with policies, laws, regulations, and ethical standards.Business processes and systems are working well.Key risks are identified, monitored, and mitigated.Policies and strategies are being implemented as intended.Due diligence takes place before key decisions are made.In other words, oversight (or watchful care) is a safety net to ensure the following: Indeed, those in charge of oversight functions are asked to look at a process, program, or project from above, but not to get involved in its day-to-day management. Oversight is composed of “over,” meaning above, and “sight,” meaning looking, but not touching. Oversight is a critical governance function performed by boards of directors, committees, councils, and external bodies.
are in compliance with applicable policies, laws, regulations, and ethical standards.Oversight refers to the actions taken to review and monitor public sector organizations and their policies, plans, programs, and projects, to ensure that they: This Practice Guide recognizes that oversight is a component (or subset) of good governance and adopts definitions of these terms suited to public sector organizations. What Is Oversight and How Does it Relate to Governance?ĭefinitions of “oversight” and “governance” vary across public and private sector organizations, but they share many similar elements.
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