Policies are statements that describe intents: what is done and why it is done. Policies are defined by the organization and go through a management review and approval process. Examples of policies include attendance at work, employee compensation, conflict of interest, and employee training.
Procedures are the specific step-by-step instructions that are needed to complete activities correctly.
Your employer expects you to familiarize yourself with the policies and procedures that apply to your job. You should know where to locate these documents, if you need to refer to them.