An evidence-based policy manager generates a permission grant set for a code assembly received from a resource location. The policy manager executes in a computer system (e.g., a Web client or server) in combination with the verification module and class loader of the run-time environment. The permission grant set generated for a code assembly is applied in the run-time call stack to help the system determine whether a given system operation by the code assembly is authorized. The policy manager may determine a subset of the permission grant set based on a subset of the received code assembly's evidence, in order to expedite processing of the code assembly. When the evidence subset does not yield the desired permission subset, the policy manager may then perform an evaluation of all evidence received.