Final answer:
The term used to describe the measures implemented by management to ensure that business objectives are met by mitigating risks to acceptable levels is 'internal control'. This encompasses various components like risk assessment and monitoring but is distinct from continuous auditing, which is a method for ongoing control and performance data analysis.
Step-by-step explanation:
The term that describes the policies, plans, and procedures implemented by management to provide reasonable assurance that the business achieves control objectives by mitigating risk to an acceptable level is internal control. An internal control system includes all the measures taken by an organization to protect its resources, ensure the accuracy and reliability of its information, and ensure compliance with applicable laws and regulations. These controls can include procedures for approvals, verifications, reconciliations, and reviews of operating performance.
Risk assessment is a component of internal control and is the identification and analysis of relevant risks to achieving the objectives, forming a basis for determining how the risks should be managed. Monitoring is also a component of internal control which involves assessing the quality of the system's performance over time. Continuous auditing is a method used to continuously gather and analyze data regarding controls and performance, but it is not the overarching term for the governance framework designed to control risks.