Risk management The process of measuring and evaluating risks and developing strategies for their management and governance Strengthening the monitoring of the institution's activity and following up the performance level of those in charge of it.

Therefore, governance is a means to reduce risks or take decisions that help reduce risks, and the relationship between them is a positive direct relationship, meaning the greater the positive governance, the more efficient and appropriate risk management will be. Kamel Tahir

Risk management in the banking sector is only a small part of the entire social risk management, which incidentally includes the entire financial sector, including insurance. See for example the following links:

https://www.researchgate.net/publication/331089757_State_Banking_Insurance_and_Taxation_Pathways_to_Sustainable_Fiscal_Policy_-_Part_I_Credit_Banking_and_Insurance_in_and_after_The_Financial_Crisis

https://www.researchgate.net/publication/320471815_Insurance_Theory_Social_Security_and_the_Financial_Markets_Crisis

https://www.researchgate.net/publication/270007792_Financial_Markets_and_the_Global_Debt_Crisis_Toward_a_New_Architecture_for_A_More_Reliable_Financial_Sector

Corporate governance elaborates the division of responsibility within the organisation for risk management, and determines the means with which, at each level, risk management will be implemented. In every financial institution, risk management activities broadly take place

simultaneously at different hierarchy levels.

http://www.eajournals.org/wp-content/uploads/Corporate-Governance-and-Risk-Management-in-the-Banking-Sector-of-Ghana.pdf

https://smartlib.umri.ac.id/assets/uploads/files/7c9d8-197357-en-the-role-of-corporate-governance-and-ris.pdf

https://pearl.plymouth.ac.uk/bitstream/handle/10026.1/8362/2016-%20CORPORATE%20GOVERNANCE%20AND%20RISK%20MANAGEMENT.pdf?sequence=1&isAllowed=y

Risk management related with insurance companies so not big problems for banking sectors

Risk management is not an issue limited to insurance companies, but is important for ANY organization. Too often, risk management is narrowly interpreted as insurance. This is an extremely narrow view, as risk management is management of "the effect of uncertainty on objectives" (per ISO 31000). Risk management (i.e., management of uncertainty) is not something to be minimized, whether in banking or elsewhere. It is to be understood and managed to a level that adds to enterprise value. In the case of banking, no bank seeks to universally minimize risk, or they would never provide loans to anyone without a perfect credit record. Moreover, banks take on many risks that they do not or cannot efficiently insure (e.g., delinquent/unpaid car loans). Banks seek to understand the risk and the effect of undesired consequences and manage that risk to a level that delivers optimal outcomes. For example, banks will typically establish a minimum credit score for car loans (as one example) that seeks to maximize return at a level of risk with which they are comfortable.

If you are using the term governance to reflect board guidance and direction setting, vs. management to implement that guidance, then consider the "3 lines of defense" model. In this model, the board has overall responsibility, with operational management, risk management, and internal audit supporting achievement of board goals.

The effectiveness of the management team, ownership structure and other corporate governance systems in determining appropriate risk taking is a critical issue in a modern commercial bank