1. A method for managing and mitigating privacy risks in a system comprising a network of processing elements, the method comprising the steps of: receiving a request for at least one output product from the system, the request including a set of privacy parameters; in response to receiving the request, analyzing a set of processing component descriptions associated with a plurality of processing components in the system, the set of processing component descriptions describing a set of attributes associated with the processing components; creating, based at least on the set of privacy parameters and the set of processing component descriptions, at least one set of workflow generating strategies that results in the output product having a privacy risk value below a predefined threshold, the at least one set of workflow generating strategies indicating how to configure a set of the processing components together to provide the output product with the privacy risk value below the predefined threshold; and deploying at least one of the workflow generating strategies for automatically producing the at least one output product.