SharePoint Server 2007 Help and How-to

Change or remove an information management policy

On the home page of the site collection in which the policy resides, click Site Actions, point to Site Settings, and then click Modify All Site Settings.
In the Site Collection Administration section, click Site collection policies.
On the Site Collection Policies page, click the policy you want to change or delete.

To delete the policy, scroll to the bottom of the page, and then click Delete.
To edit the policy, make any changes to the policy name and description or use the information in the topic Configure features of an information-management policy to change the features you want to associate with the policy, and then click OK