A policy controls a business object. It specifies the rules that govern access,
approvals, lifecycle, revisioning, and more. If there is any question as to what you can
do with a business object, it is most likely answered by looking at the object’s
policy.
If you create or modify policies, you must also update the business rules for all
components that need to choose or use the new or modified policies.
For conceptual information on this command, see MQL
Concepts: Policies.