Policy management is the systematic approach to creating, approving, distributing, reviewing, and retiring organisational policies that govern behaviour, processes, and decision-making. In a GRC context, it encompasses information security policies, privacy policies, acceptable use policies, and compliance policies, ensuring they are aligned with regulatory requirements, business objectives, and industry standards.
An effective policy management programme includes version control, defined ownership and approval workflows, regular review cycles (typically annual), mechanisms for communicating policy changes to affected stakeholders, and evidence that employees have acknowledged and understood applicable policies. Frameworks such as ISO 27001 require a documented information security policy approved by management, with supporting policies that address specific domains.