I would say

--------------------------------------------------
Note added at 7 mins (2012-12-05 22:10:08 GMT)
--------------------------------------------------

"release" is certainly ok here

Several entries from my Quality Managment Glossary, terminology mainly taken from ISO 9000 standard family and VDA 6.1 some yoears ago. Note: Even the standards have been modified during that time (wie have now only ISO 9001:2008), the terms are still in use.

Freigabe (ISO 9004-1)(V6.1°11,85) | approval (ISO 9004-1)
Prozeßfreigabe (ISO 9004-1) | process approval (ISO 9004-1)
Produktionsfreigabe (ISO 9004-1 8.6) | production release (ISO 9004-1 8.6)
Sonderfreigabe (ISO 9004-1) (V6.1°112), Sonderfreigabe (nach Realisierung) | waiver (3, ISO 9004-1), concession (3/ 4.15, ISO 9004-1), deviation permit, permit production (ISO 8402)
Freigabe von Dokumenten (ISO 9004-1) | release (ISO 9004-1)
Freigabeprüfung (V6.1°125,142) | review
Freigabeverfahren (ISO 9000-3) | release procedure (ISO 9000-3)


--------------------------------------------------
Note added at 2 hrs (2012-12-06 01:00:51 GMT)
--------------------------------------------------

Examples:
The manager is responsible for approval of .. (documents)
Production is released by ..
A waiver has been issued, even the parts have minor defects.


--------------------------------------------------
Note added at 1 day20 hrs (2012-12-07 18:04:39 GMT)
--------------------------------------------------

verantwortlich für Freigabe aller PQR’s
.. is responsible for approval of all PQR

erteilt mit ihrer Unterschrift die Freigabe des entsprechenden PQR
.. approves (or authorizes) the corresponding PQR by signigng.

erfolgt die Freigabe durch die jeweils zuständige Sachkundige Person
.. is approved and released by (literally: the release is effected by ..)

Anmerkung: 'approval' und 'release' sind miteinander verzahnte Tätigkeiten. Zuerst muß das Dokument vom Verfasser unterschrieben (signiture) werden und dann dem Chef zur Genehmigung vorgelegt werden, der es durch seine Mit-Unterschrift genehmigt (approval). Durch Veröffenlichung wird es dann freigegeben.

Etwas anders ist es bei der Freigabe von Teilen. Diese werden geprüft, ob sie den Anforderungen (die in entsprechenden freigegebenen Anweisungen zu finden sind) entsprechen und durch Unterschrift im Begleitdokument freigegeben werden. Man spricht dann von 'release'.

--------------------------------------------------
Note added at 1 day21 hrs (2012-12-07 19:56:36 GMT)
--------------------------------------------------

Some definitions:

ap·prov·al (-prvl)
n.
1. The act or an instance of approving.
2. An official approbation; a sanction.
3. Favorable regard; commendation.
http://www.thefreedictionary.com/approval

per·mit (pr-mt)
v. per·mit·ted, per·mit·ting, per·mits
v.tr.
1. To allow the doing of (something); consent to: permit the sale of alcoholic beverages.
2. To grant consent or leave to (someone); authorize: permitted him to explain.
3. To afford opportunity or possibility for: weather that permits sailing.
http://www.thefreedictionary.com/permit

au·thor·i·za·tion (ôthr--zshn)
n.
1. The act of authorizing. See Synonyms at permission.
2. Something that authorizes; a sanction.
:
1. authorization - a document giving an official instruction or commandauthorization - a document giving an official instruction or command
2. authorization - the power or right to give orders or make decisionsauthorization - the power or right to give orders or make decisions; "he has the authority to issue warrants"; "deputies are given authorization to make arrests"; "a place of potency in the state"
3. authorization - official permission or approvalauthorization - official permission or approval; "authority for the program was renewed several times"
http://www.thefreedictionary.com/authorization

re·lease (r-ls)
n.
1. A deliverance or liberation, as from confinement, restraint, or suffering.
2. An authoritative discharge, as from an obligation or from prison.
3. An unfastening or letting go of something caught or held fast.
4. A device or catch for locking or releasing a mechanism.
5.
a. The act or an instance of issuing something for publication, use, or distribution.
b. Something thus released: a new release of a software program.
c. The condition of being available, in use, or in publication: a movie in wide release.
http://www.thefreedictionary.com/release

waiv·er (wvr)
n.
1.
a. Intentional relinquishment of a right, claim, or privilege.
b. The document that evidences such relinquishment.
2. A dispensation, as from a rule or penalty.
3. Permission for a professional athletic club to assign a player to the minor leagues or release a player from the club, granted only after all other clubs have been given the opportunity to claim the player and have not done so.
4. A deferment.
http://www.thefreedictionary.com/waiver

A Special Permit sets forth alternative requirements, or variances, to the requirements in the HMR. Federal hazardous materials transportation law authorizes PHMSA to issue such variances in a way that achieves a safety level that is at least equal to the safety level required under Federal hazmat law or is consistent with the public interest if a required safety level does not exist. An approval is written consent, including a competent authority approval, from the Associate Administrator or other designated Department official, to perform a function that requires prior consent under the HMR.
http://www.phmsa.dot.gov/hazmat/permits-approvals