This paper introduces Nymity’s Privacy Risk Optimization Process (PROP), a process that enables the implementation of privacy into operational policies and procedures, which embodies in Privacy by Design for business practices. The PROP is based on the International Organization for Standardization (ISO) concept that risk can be positive and negative; and further defines Risk Optimization as a process whereby organizations strive to maximize positive risks and mitigate negative ones. The PROP uses these concepts to implement privacy into operational policies and procedures. This paper was produced by Nymity and the Office of the Information and Privacy Commissioner of Ontario, Canada. It was presented by Terry McQuay, President of Nymity, at Privacy by Design: The Definitive Workshop, in Madrid, Spain, on November 2nd, 2009. The workshop was hosted by Dr. Ann Cavoukian, Information and Privacy Commissioner of Ontario, Canada, and Yoram Hacohen, Head of the Israeli Law, Information and Technology Authority.