Generally described, aspects of the present disclosure relate to for managing the configuration and security policies of hosted virtual machine networks. Hosted virtual machine networks are configured in a manner such that a virtual machine manager component can establish service manifests that correspond to information required by the virtual machine network from a user/customer. The virtual machine manager component can also publish in the service manifests contractual information, such as security risk assessments, that are deemed to have been provided and accepted by the user/customer in instantiating virtual machine networks. If the processed service manifest information remains valid, a substrate network process requests or independently instantiate services or components in accordance with the configuration information and security risk information included in the processed service manifest.