Azure API Management: Execution order of policies

I wrote some posts about Azure API management earlier last year, but last week I was discussing some things with a colleague of mine and he asked a question neither of us could answer out of our heads:

When you send a request to Azure API Management, what order is maintained to execute the policies?

After some searching neither of us could find it, so here’s a blog post to save you the trouble after some testing 🙂