Yes, a clause generally consists of a subject and a predicate. Sometimes the subject can be omitted. E.g.:
Alice taught English for five years.
I couldn't hear you. What did Alice do?
Taught English for five years.
Sometimes the predicate can be omitted. E.g.:
Who taught English for five years?
Alice.
However, in your example neither is omitted. You've highlighted the predicate. Its subject is the pronoun "which" (as Weather Vane noted in a comment above). In this case, "which" is a relative pronoun and refers to "our privacy policy".