[CentOS] Watchdog process?

Hello,

Is there a generic built-in way on CentOS to overlook that a specific
process is alive and re-spawn it (or just run a configured command)
when it dies?

I know how to script things so a parent will watch its child, but was
wondering whether there is something more readily available instead of
having to reinvent the wheel.

The process must be controlled via a /etc/init.d/... script and should
be stop-able (it runs in a primary/stand-by configuration), so use of
"respawn" in inittab is not a solution.

So far googl'ing for "watchdog" comes up with references about system
watchdog - which will reboot the system if the kernel appears to be
stuck.

Thanks,

--Amos