Business Process Management (BPM) is often a key component of the business change. Business rules, whether embedded within BPM or on their own, have begun playing an ever-increasing role of prominence in process-centric business and system strategies. Service-oriented architec- ture (SOA) is used to support the business processes and a novel approach to share service knowledge and application- specific information is needed. In this paper, we model web service policy with corporate knowledge, which is de- fined as the amount of knowledge provided by individual agents. The proposal builds upon the project AKT's1 work in defining a Semantic Web Constraint Interchange Format (CIF), which itself builds on the proposed Semantic Web Rule Language (SWRL). The main contribution include also a new ontology for representing security constraints as pol- icy and a knowledge management method to our proposed knowledge-based policy framework; we also show the pos- sibility to integrate the business rules into policy specifica- tion by means of converting them into Constraint Satisfac- tion Problem (CSP) using CIF.