Enterprises constantly share and exchange digital documents with sensitive information both within the organization and with external partners/customers. With the increase in digital data sharing, data breaches have also increased significantly resulting in sensitive information being accessed by unintended recipients. To protect documents against such unauthorized access, the documents are assigned a security policy which is a set of users and information about their access permissions on the document. With the surge in the volume of digital documents, manual assignment of security policies is infeasible and error prone calling for an automatic policy assignment. In this paper, we propose an algorithm that analyzes the sensitive information and historic access permissions to identify content-access correspondence via a novel multi-label classifier formulation. The classifier thus modeled is capable of recommending policies/access permissions for any new document. Comparisons with existing approaches in this space shows superior performance with the proposed framework across several evaluation criteria.