A key means to address contract management risk is through the development and implementation of policy and procedures. Well designed contract management policy and procedures are sources of information and guidance for staff in the performance of their roles and responsibilities.

Contract management policies can:

•  assist agencies to make informed decisions; and

•  provide a basis for entities to administer their contracts by providing guidance about:

-  roles and responsibilities;

-  approval and other processes to be followed;

-  data management;

-  the management of contracts extensions and variations;

-  performance monitoring and reporting requirements; and

-  records management requirements.

Training, including refresher courses, should be regularly provided and attendance records should be kept.