What policies can I configure for users?

As the Admin, you can set send and spaces policies for the entire account.  If no Admin policies have been mandated, members will be allowed to set their own permissions for each new Space created, as well as set any file Send options when sending files.  You also have the option to turn on/off the connections services as well.  So if you want to enable your users the ability to connect to Dropbox, Google Drive, and One Drive, you'll  manage those connections in your admin console.

See below:

To Manage and set policies, go to View Admin Console, then click the Settings tab.