Delegation of Authority (DoA)
The matrix stating who may approve what, up to what value, under what conditions. Almost every organisation has one — and in most of them it is enforced by nothing, which is why the system and the policy drift apart.
The document is not the control. The system is. A DoA that lives in a PDF while purchase orders route by whoever happens to be in the workflow is not a governance framework; it is a description of one.
And the conditions matter more than the values. A disposal below net book value, a related-party purchaser, a transfer crossing departments — these need to escalate regardless of amount, because the amount was never the risk. A system that routes only on value will approve the transaction you were most worried about, correctly, at the lowest level.