This standard recognizes that a Privacy Impact Assessment (PIA) is an important financial services and banking management tool that should 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 PIA Standard:• Describes the privacy impact assessment activity, in general;• Defines the common and required components of a PIA, regardless of business systems affecting financial institutions; and• Provides informative guidance to educate the reader on privacy impacts assessments.A privacy impact assessment (PIA)