What risks are posed when an enterprise fail to have governance, regulatory, and compliance risk management plan in place and assigned to “C” level?

as the C level people are the ones who are at the decision making and are the face of the company they would not be able plan their strategies , it is always better for a company to have governance, regulatory, and compliance risk management  plan to be aligned in the way that it should compliment the C level employees mission and vision. C level employees must first have their goals set for the future then they should plan accordingly the governance, regulatory, and compliance risk management  plan. The company may succumb to losses , the attrition levels may increase , non cooperation from the employees , threat to the companies image in front of the public and stake holders are the huge risks they may face failing to the above said circumstances.