The Settings and Policies > Profiles page lets you create custom app wrapping and SDK profiles that you can assign to your internal apps. Custom settings for profiles offer granular control for specific applications and the ability to override default (security policies) settings. However, they also require separate input and maintenance.
For more information, including the differences between these "custom" profiles and the "default" security policies, please see MAM Functionality With Settings and Policies and the AirWatch SDK.
Not all of the settings here apply to both app wrapping profiles and SDK profiles. For a comparison matrix of the two, see Settings and Policies Compatibility Matrices.