Data Governance is a system of decision rights and accountabilities for information-related processes, executed according to agreed-upon models which describe who can take what actions with what information, and when, under what circumstances, using what methods. (source: DGI)

Governance ensures that:
- Stakeholder needs, conditions and options are evaluated to determine balanced, agreed-on enterprise objectives.
- Direction is set through prioritization and decision making.
- Performance and compliance are monitored against agreed-on direction and objectives.
In most enterprises, overall governance is the responsibility of the board of directors, under the leadership of the chairperson. Specific governance responsibilities may be delegated to special organizational structures at an appropriate level, particularly in larger, complex enterprises. Management plans, builds, runs and monitors activities, in alignment with the direction set by the governance body, to achieve the enterprise objectives. In most enterprises, management is the responsibility of the executive management, under the leadership of the chiefexecutive officer (CEO). (ISACA)

Assurance - Activities designed to reach a measure of confidence. Assurance is different from audit, which is more concerned with compliance to formal standards or requirements.

Audit is an independent examination of an effort to determine its compliance with a set of requirements. An audit may be carried out by internal or external groups.

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Cybersecurity audit provides an independent and in-depth assessment of the ability of an organization to protect its information assets from the impact of cyber threats. The cyber security review aims to establish efficient controls and validate the effectiveness of cyber security measures.

Compliance risk is an organization's potential exposure to legal penalties, financial forfeiture and material loss, resulting from its failure to act in accordance with industry laws and regulations, internal policies or prescribed best practices.

At its most fundamental level, digital transformation is about the ability of organizations, its leaders, and employees, to adapt to rapid changes wrought by evolving digital technologies. (source: MIT)