What it means
Policy management covers the lifecycle of a policy: drafting, review, approval, publication, attestation by those it binds, and periodic revision. The governance question it answers is whether the organisation can show which version was in force at a given moment and who had agreed to it.
That last part is what usually fails. A current policy library is common; a reliable record of which version applied when a decision was made is not.
Where MyRISK fits
What we do about it
A Trace record preserves the policy version that applied at the time alongside the decision it governed, which is the pairing that makes a decision explainable afterwards.
Is this the thing you are actually trying to fix?
A definition rarely settles it. Tell us what happened — the request, the finding, the challenge or the incident — and we will say where to start, or that it isn't us.