This International Standard recognizes that a privacy impact assessment (PIA) is an important financial services and banking management tool to be used within an organization, or by 'contracted' third parties, to identify and mitigate privacy issues and risks associated with processing consumer data using automated, networked information systems. This International Standard * describes the privacy impact assessment activity in general, * defines the common and required components of a privacy impact assessment, regardless of business systems affecting financial institutions, and * provides informative guidance to educate the reader on privacy impact ass