A privacy risk assessment is a process of identifying, analyzing and evaluating the privacy risks associated with the collection, use, disclosure or retention of personal data. A privacy risk assessment is the best way to distinguish between a privacy risk and compliance risk, as it would help to determine the likelihood and impact of privacy incidents or breaches that could affect the rights and interests of the data subjects, as well as the legal obligations and responsibilities of the organization. A privacy risk assessment would also help to identify and implement appropriate controls and measures to mitigate or reduce the privacy risks and ensure compliance with privacy principles, laws and regulations. The other options are not as effective as conducting a privacy risk assessment in distinguishing between a privacy risk and compliance risk. Performing a privacy risk audit is a process of verifying and validating the effectiveness and adequacy of the privacy controls and measures implemented by the organization, but it does not necessarily identify or evaluate the privacy risks or compliance risks. Validating a privacy risk attestation is a process of confirming and certifying the accuracy and completeness of the privacy information or statements provided by the organization, but it does not necessarily identify or evaluate the privacy risks or compliance risks. Conducting a privacy risk remediation exercise is a process of implementing corrective actions or improvements to address the identified or reported privacy risks or compliance risks, but it does not necessarily distinguish between them1, p. 66-67 References: 1: CDPSE Review Manual (Digital Version)