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\"SecureData Solutions,\" a multinational corporation specializing in cloud storage, is implementing a new customer relationship management (CRM) system across its European operations. This system will collect and process sensitive customer data, including contact information, financial details, and usage patterns. As the lead ISO 14067 implementer, you are tasked with ensuring compliance with ISO 29100:2011 during the system\'s rollout. Which of the following actions represents the MOST comprehensive and proactive approach to integrating privacy considerations into the CRM system\'s implementation, aligning with the principles of Privacy Impact Assessment (PIA) as outlined in ISO 29100:2011, especially considering the organization\'s multinational presence and the requirements of GDPR?
Conduct a Privacy Impact Assessment (PIA) that includes a detailed data flow analysis, identification of all relevant stakeholders, evaluation of privacy risks based on likelihood and impact, development of mitigation strategies, documentation of findings, and ongoing monitoring of mitigation effectiveness, ensuring compliance with GDPR and other relevant data protection laws across all European jurisdictions.
Implement standard security measures, such as encryption and access controls, based on industry best practices and conduct a basic risk assessment to identify potential vulnerabilities in the CRM system, focusing primarily on technical safeguards and overlooking organizational policies and procedures.
Rely on the CRM vendor's privacy policy and security certifications to ensure compliance with data protection laws, assuming that the vendor has adequately addressed all privacy risks and that no further action is required on SecureData Solutions' part.
Conduct a high-level review of the CRM system's privacy features and implement a basic data retention policy, focusing primarily on minimizing the amount of personal data stored and neglecting to address other privacy risks, such as data sharing and access controls.