From Rulebook Management To Business Governance: Where Business Rules Fit
Source: Business Process Trends
Say "Governance" and many people immediately think IT governance, or sometimes data governance. Governance has been bandied about so much that its meaning has become clouded and trivialized. That's unfortunate, because the true meaning of governance is actually straightforward. And that true meaning has everything to do with meeting today's business challenges. So "Governance" implies the process, function, manner or method, or system of governing. It also implies authority or the state of being governed. Since most of the definitions reference "Governing", let's also examine govern in MWUD (emphasis added). Note how prominently 'rule' and 'policy' appear in these definitions.