Which two areas are primary in conducting a Privacy Impact Assessment (PIA)?

The primary areas in conducting a Privacy Impact Assessment (PIA) focus on how personal data is collected, used, and protected, emphasizing both application and effectiveness. By examining the application of the strategy, organizations can ensure that privacy protections are integrated into their processes in a practical manner. Effectiveness assesses whether these privacy measures successfully mitigate risks and adhere to regulations, ensuring that the organization's data handling aligns with legal and ethical standards.

In this context, while financial implications, employee satisfaction, market trends, and technological advancements may play a role in broader business strategies, they do not specifically address the foundational aspects of privacy and data protection that are central to a PIA. Legal compliance is indeed a critical factor, but it does not encompass the comprehensive analysis of how privacy strategies are applied and assessed for their effectiveness, which is the essence of the PIA process.