The set of responsibilities and practices exercised by the board and executive management with the goal of providing strategic direction, ensuring that objectives are achieved, ascertaining that risks are managed appropriately, and verifying that the enterprise’s resources are used responsibly is known as

Governance

Explanation:

According to my research on different political terminology, I can say that based on the information provided within the question the term being described is called Governance. Like mentioned in the question this term refers to the process of controlling a social system through a pre-defined set of laws, norms, and organization.

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