Comprehensive and Detailed Explanation:

A privacy maturity model helps organizations assess, benchmark, and improve their privacy programs, but it does not guarantee compliance with laws and regulations.

Option A (A standard reference to assess a privacy program’s current level of development) – Maturity models provide structured frameworks for evaluation.

Option B (A way to highlight what functions a company lacks for proper program management) – Maturity models identify gaps and areas for improvement.

Option D (An example of the methods and practices necessary to evaluate a company’s level of risk) – Maturity models help in risk assessment and management.

Option C (A way to guarantee compliance) is incorrect because compliance depends on actual implementation and enforcement, not just assessment.