While necessary, it is no longer enough to have processes in place to identify and deal with problems - such as monitor for and apply a management plan when a problem is identified. Instead, to obtain a license, it is now necessary to be able to state and demonstrate how one is actively working good processes and monitoring to ensure that there are no problems, and then regularly report and record that fact at the appropriate level within the entity.
That’s why so much compliance work is focused on recognizing conflicts, creating appropriate processes, and then setting up controls and monitoring. Good governance is more than effective management, but it entirely supports and facilitates effective management.
Business, by definition, is not a solo activity. Governance, more so. I don’t think effective governance can possibly be performed by one person either. It’s essence is checks and balances, requiring a perspective bigger than any one individual. If you’re scared of letting go of all the control you have as ‘the boss’ you need good governance more than most - and it will be harder for you to achieve it. But here’s the key, if you’ve ever been frustrated at your ability to get your business to change in the way you want, good news: good governance is exactly the tool you need to use.