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 5 framework identifies seven categories of enablers for governance and management. Among these, 'Culture, ethics and behavior' is explicitly noted as being frequently underestimated. While tangible factors like policies and skills are recognized as important, the intangible nature of culture makes it harder to assess and manage. However, a positive and constructive culture is critical for the success of any governance initiative, as a negative culture can undermine even the best-designed processes and structures.

B. Principles, policies and frameworks: These are foundational, tangible components of a governance system and are rarely underestimated; they are often the starting point of implementation.
C. People, skills and competencies: While sometimes under-resourced, the need for skilled personnel is a well-understood and tangible requirement for success, not typically underestimated conceptually.

1. ISACA, COBIT 5 Framework, 2012, pg. 20, Section "Enabler 7: Culture, Ethics and Behaviour". The official text states, "Often underestimated as a success factor in governance and management activities."

2. ISACA, COBIT 5 Framework, 2012, pg. 12, Figure 4. This figure lists the seven COBIT 5 enablers, highlighting 'Culture, Ethics and Behaviour' as a distinct and critical component of the governance system.

3. De Haes, S., & Van Grembergen, W. (2015). Enterprise Governance of Information Technology: Achieving Alignment and Value, Featuring COBIT 5. Springer International Publishing, pg. 81. The authors emphasize that "soft" enablers like culture are crucial and often more challenging to implement than "hard" enablers like processes.