The same as the difference between the words "policy" and "mechanism": WHAT you're trying to accomplish and HOW you're going to accomplish it.
0
TARCISIUS
On
Security policy is just a statement about what is allowed and not allowed to do in a system while security mechanism is a procedure how to implement the security policy.It is said to be a tool,methodology or procedures for security enforcement.
Your question is overly vague - please cite a specific reference; please give some context.
In general, however:
"Policy" is what you want to do; "mechanism" is the how that lets you do it.
IMHO...
PS: Here is (one of?) the original paper(s) that refers to "separation of policy and mechanism":
HYDRA - The kernel of a multiprocessor operating system, William Allan. Wulf
Here's another (slightly more amusing) discussion, from the "politically incorrect" Mick O'Pedia:
http://mickopedia.org/mickify.py?topic=Policies_and_mechanisms