Obligation management is the ability to successfully create and curate the required records to be completed at the relevant point in the vendor, contract or service lifecycle.

Nick Francis, Co-founder and Chief Technology & Marketing Officer at Brooklyn Vendor Assurance, breaks down obligation management into it’s salient parts, outlining how each part could be critical to your business / Vendor Management Office (VMO) / Supplier Management Function. Nick breaks obligation management int the following parts:

• Supplier Responsibilities
• Buyer Responsibilities
• Third Party Responsibilities
• Operational Clauses
• Establish Reporting
• Key Terms
• Rights
• Evidence & Audit
• Deviation & Escalation
• Digital Platform & Support