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Privacy risk assessment is a risk management framework for determining the risk of holding and maintaining PII (Personal Identifiable Information) Organizations can make informed decisions to prevent privacy-related mistakes by conducting privacy risk assessments. This ensures businesses comply with privacy regulations and can accommodate data privacy requests from consumers and authorities. As a result, companies that conduct privacy risk assessment are more likely to avoid legal and business implications of non-compliance and to build long-term, trustworthy relationships with their customers. By 2023, 65% of the world’s population will have their information covered under privacy regulations.