Which of the following components of a governance system are MOST likely to be underestimated as factors in the success of governance and management activities?

The COBIT 2019 framework explicitly identifies "Culture, ethics and behavior" as a component that is frequently underestimated. The official guidance notes that these factors are critical for the success of governance and management activities. While tangible components like policies and frameworks are often the focus of implementation efforts, an unsupportive or counterproductive culture can undermine the entire governance system. The desired behaviors and ethical conduct of individuals and the enterprise as a whole are foundational to translating governance principles into effective practice.

B. People, skills and competencies: While essential, the need for skilled people is a well-understood requirement in most enterprises and is not typically the most underestimated factor.
C. Principles, policies and frameworks: These are tangible components that often receive the most attention during governance implementation, making them the least likely to be underestimated.

ISACA, COBIT 2019 Framework: Introduction and Methodology, 2018, Section 4.6, Culture, Ethics and Behavior, p. 37. (This section states, "The culture, ethics and behavior of individuals and of the enterprise are very often underestimated as a success factor in governance and management activities.")