Governance is getting top-down and bottom-up to meet & agree
Fristly, Charybdis, I quite agree, it is a <blech> team effort. In this ever-faster world, it is more and more critical now for senior responsible officers/stakeholders know as quickly as possible the state of programmes & projects under their area (& costing them money).
How many projects have people worked on when what's delivered does not meet the requirements of stakeholders, users or don't meet the benefits? I would say "most". Although users are often the day-to-day customers of a new system/produt/whatever, they are unfortunately often left in the dark about strategic direction changes, so users often come up with requirements to "fix" existing practices rather than be included as stakeholders of new practices.
Governance is required to cross-brace across this change hierarchy to ensure that projects remain on track (to meet expected business benefits), status & change is communicated as fast as possible up/cascaded down so those responsible (not just stakeholders but programme & project managers too) can take the necessary decisions and actions, and to do all this in as efficient, pragmatic, repeatable and as least onerous as possible a way. Without this, programmes suffer from Grapevine or Telephone (more PC than ******* Whispers) whereby the message drifts or is watered down each level of the hierarchy it traverses.
Just think of the levels in your organisation and think how quickly such information does and should go from top to bottom and bottom to top. You will find they are typically very different answers. Top-to-bottom is typically very quick (a mandate from on-high but often without any real direction or how-to, just make it so [or JFDI]). For bottom-to-top, well, I have known a week or a fortnight and maybe even a month to just go up 1 level. For both, it should be instantaneous: anyone should be able to get a snapshot at any point in time based on real information used by and in use by real people on the project (e.g. requirements, risks, issues, build, testing). All these need to be weighted & categorised (quickly done) after which it is a relatively simple job to summarise at any level of the hierarchy.
It is a team effort, it's just that the team needs to be so much bigger (vertically) nowadays.
The other benefit is making those responsible responsible. Think of the banks or, even more recently, the NotW/News International.