Task: Class Definition Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes 'policy'?

A. policy specifying principles, rules and/or guidelines regarding some aspect of reporting
B. something which is conferred by way of law or contract, such as a right
C. system of principles, rules and guidelines, adopted by an organization to guide decision making with respect to particular situations and implemented via procedures or protocols to achieve stated goals
D. some obligation which exists and is imposed on some individual

Answer: system of principles, rules and guidelines, adopted by an organization to guide decision making with respect to particular situations and implemented via procedures or protocols to achieve stated goals