Records management ensures the availability of accurate, authentic and up-to-date records whenever required for various reasons. The accountability of an organization can arguably only be achieved when it demonstrates considerable transparency. This, however, can only happen when authentic and reliable records are available in order to provide evidence of its governance and accountability. This study attempts to investigate the essence of records management in underpinning good governance and accountability processes. It establishes the elements of an integrated records and risk management system, where records management forms the backbone of the system. The availability of accurate, authentic and up-to-date records ensures the effectiveness and efficiency of business operations, which in turn ensures good governance and accountability. The findings are significant in confirming that a records management system is of strategic value should an integrated approach be adopted. An integrated records management system is essential to underpin critical governance and accountability processes such as internal and external audit, compliance, risk management and decision-making.