Which term describes the framework within companies to manage risks and ensure good governance?

The term that best describes the framework within companies to manage risks and ensure good governance is corporate governance. This encompasses the structures, roles, processes, and practices that guide how a company is directed and controlled. Effective corporate governance helps ensure that a company operates with integrity, transparency, and accountability, which are critical to managing risks and maintaining stakeholder confidence.

In contrast, internal audit focuses on assessing the effectiveness of a company's internal controls, including risk management and governance processes. Although vital to the overall governance framework, internal audit is just one component of the broader concept of corporate governance.

Corporate finance refers to the financial activities related to running a corporation, primarily concerning funding and capital structure decisions, rather than governance mechanisms.

Market regulation pertains to the rules and laws that govern financial markets to protect investors and maintain fair markets, but it does not directly address the internal governance frameworks companies establish.

Therefore, corporate governance is the most accurate term that captures the systemic and holistic approach that organizations take toward risk management and governance.