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POLICY (1) (Preferred term)
A statement of principles and/or values that mandate or constrain the performance of activities used in achieving organisational goals. A policy is general in nature, has broad application and helps to ensure compliance with: applicable laws and regulations; contract requirements; and delegation of authority by the Board. Policies promote operational efficiencies and reduce organisational risk.
Policies do not contain requirements. Directives, processes, procedures, work instructions, and the like flow from policies and the requirements are specified in them.