The NIST Privacy Framework functions offer an effective and systematic method that companies should use to deal with privacy risks and facilitate innovations and compliance with regulators. Being a component of the larger NIST Privacy Framework, these functions are used to translate the privacy principles into concrete results within the business processes. The NIST Privacy Framework Update, which is scheduled for 2026, is more focused on balancing privacy risk management with cybersecurity and enterprise risk initiatives. The Identify feature will enable organizations to know data processing operations and privacy threats. Govern dwells on matters relating to policies, roles, and accountability to facilitate the oversight. The Control is helpful in terms of the application of measures that control and restrict the privacy risks. Through communication, there is the exchange of information as well as transparency between the internal and external stakeholders. Lastly, Protect assures a defense mechanism to minimize the effects that may be inflicted on people. These NIST privacy framework functions can be used together to support organizations in developing a mature, flexible, and future-ready privacy program.