ISO 22307:2008

Overview

ISO 22307:2008 - "Financial services - Privacy impact assessment" defines a standardized approach for performing a Privacy Impact Assessment (PIA) in financial and banking environments. The standard describes the PIA activity, the common and required components of a PIA for proposed financial systems (PFS), and provides informative guidance to help organizations identify and mitigate privacy issues and risks associated with processing consumer data in automated, networked information systems.

Key topics and technical requirements

• PIA objectives: Ensure privacy is considered throughout the system life cycle, assign accountability, inform decision-makers about privacy implications and mitigation options, and reduce the need for costly post-implementation changes.
• Minimum PIA process elements: A valid PIA must include a PIA plan, an assessment, a PIA report, competent expertise, an appropriate degree of independence/public aspects, and documented use in PFS decision-making.
• PIA plan requirements: The plan must define scope, business objectives, privacy compliance objectives (at minimum aligned with OECD privacy principles), whether the PIA is preliminary, life‑cycle phase, assumptions, constraints and alternatives.
• Documented outputs: The PIA plan leads to a documented report that describes the PFS, identifies required expertise, establishes independence, maps how the report will feed into decisions, lists relevant laws/standards, and catalogs known privacy risks.
• PFS description & modeling: Required artifacts include business process and data flow diagrams, data models and information access models showing how personal information is collected, used, disclosed, retained and secured.
• Contextual references: ISO 22307:2008 references OECD Guidelines and cites industry frameworks and security standards (e.g., ISO 17799) as part of compliance and mitigation planning.

Applications and who uses it

• Primary users: Chief Privacy Officers (CPOs), privacy and compliance teams, risk managers, IT architects, core banking system developers, and external contractors/vendors.
• Practical uses:
  • Assess privacy impact of a new product, service or system in banking and financial services.
  • Inform procurement, system design and governance decisions with documented privacy risk analysis.
  • Support cross‑border data flow risk assessment in global banking operations.
  • Complement (but not replace) privacy compliance audits by offering a forward‑looking design and mitigation focus.

Related standards

• OECD Guidelines on the protection of privacy and transborder flows of personal data (normative reference)
• ISO 17799 (information security best practice referenced for security program alignment)

Keywords: ISO 22307:2008, privacy impact assessment, PIA, financial services, banking privacy, privacy risk, data protection, proposed financial system, PIA plan, PIA report.