Checks and Balances refer to the system of control within a business or organization which allows for independent verification of different elements of decision-making. This means that each level or department of the organization is held accountable to fulfill its responsibilities, while also ensuring oversight by other departments or stakeholders in the process. The goal of checks and balances is to make sure that every action taken is justified and effective, as well as in compliance with regulations and policies. It also serves to reduce errors and strengthen trust between all parties involved.