Crafting a Governance Framework
Ok, you’ve broken down the contract into responsibilities, risks, penalties, KPIs and SLAs. Now it’s time to turn all that information into a Governance Framework that actually works for you and your team.
The simplest way to begin is by going line by line. Ask yourself: Who is responsible for each item? How often should it be done? How will you confirm it’s completed? How should it be reported? And finally, who owns it? This creates a clear roadmap for the entire term of the agreement, so you know when to act, how to act, and what success looks like.
Next, think about escalations. If something goes wrong on your side or the vendor’s side, what happens? What steps should be taken? Document the process so everyone knows the path forward before issues arise.
Once you’ve mapped this out, bring the team back together. Review the plan, make adjustments, and confirm roles with a RACI review. Decide how often you’ll meet and when to check vendor performance before any mid-term milestone or renewal. This keeps everyone aligned and avoids last-minute surprises.
Now that you have this set up, the blood pressure goes down. You are all doing exactly what you are supposed to be doing to make sure this contract is managed appropriately and in relation to the priority it has for your organization. It's not enough to have a plan though, you have to make it real. As soon as the meeting wraps, schedule out the cadences, create activities and tasks to maintain the requirements of the governance plan, and show your work to leadership so their blood pressure can go down too!
Sincerely, your friendly neighborhood contract manager
P.S. If you are trying to make a Governance Framework in Excel with Calendar reminders you are killing yourself slowly. For your health, check out SourceSight.io to manage and maintain tasks and activities.
