Use only AWS Managed Policies, as they are maintained and updated by AWS, ensuring compatibility and security.

Create a mix of AWS Managed Policies and Customer Managed Policies, tailoring the latter to specific roles and responsibilities.

Implement only Customer Managed Policies, allowing for complete customization and control over access permissions.

Use a combination of ABAC and RBAC, with ABAC handling fine-grained access control and RBAC managing high-level roles.