What are your thoughts on Governance in trading?

I've been diving into the concept of governance lately and how it plays a role in our trading strategies. It seems like having a solid governance framework can really impact decision-making and risk management. I've noticed some traders adopt more informal approaches, while others stick to strict guidelines. Do you guys think governance is crucial for success, or can a more laid-back approach work just as well? How do you balance having rules with the flexibility to adapt when the market changes? Would love to hear your experiences and thoughts on this!