Question

In general, if a policy is not thought out and established

Answer 1

a situation requiring action will arise

Answer 2

If policy is not thought out and established this means that the gap wil remain unfilled, an unfilled gap means that everything will not be in order. The policy is meant to streamline the activities of the firm, with the absence of the policy things may not run out as expectd since the objectivity wont be achieved as expected due to the absence of the policy.