Watchdog is a term with multiple meanings depending on the context:
1. Literally refers to a guard dog that protects property
2. Figuratively describes a person or group that monitors activities to ensure proper conduct
3. In computing, a watchdog timer is a hardware or software mechanism that detects and recovers from malfunctions
4. In journalism, watchdog refers to investigative reporting that holds power accountable
5. In finance, refers to regulatory bodies that oversee market activities