Hey Ted, good to see you. 
In my experience it is more about getting the right people, making sure you trust them, communicating regularly, documenting processes (including exceptions) and having clear appeal paths.
From The Community Lifecycle: From Launch to Legacy
The team [of 55 volunteer moderators] was already operating as a well oiled machine. Governance was distributed amongst Team Leaders, Advisors and Mentors assigned to different sub-forums; all following centralised processes which were well documented and regularly reassessed.
Curious to hear other opinions, if anyone has relevant experience.