Software update policies are not created after going through the 'Software Update Policy Wizard'. The following error will be shown in the logs when Staging an Update\Bulletin or going through the 'Software Update Policy Wizard'.
Description: Failed to GetProgramWithSoftwareInstallationOptions -> 'Object reference not set to an instance of an object.'
The configuration commands are run out of order.
This may be caused during the upgrade to PM 7.0 SP1, for there may have been a failure during the process of running one of the commands.
This has been resolved in Patch Management Solution 7.0 SP2. If the problem is seen after that follow the steps in KB 45443 to resolve it.