I'm just curious but will the convolution operation be any sort of group operation? A motivating example would be to see that the natural exponential family of distribution functions are closed under convolution (although I'm not sure about the inverse). I know the irreducible unitary representation is a possible link of convolution to groups, but its just a hunch.
If not, could it relate to any weaker structure? like a monoid, semigroup?
Let $X$ be any set and $F$ a field. The space of functions $\hom(X,F)$ is a vector space over $F$; given any function $f:X\to F$ and scalar $a\in F$, we have $(af)(x):=af(x)$, and given any other function $g$ we have $(f+g)(x):=f(x)+f(x)$, for all $x\in X$. These are called pointwise operations, because you act on the function by acting on its value at each individual argument.
If $M$ is any monoid, we can equip $\hom(M,F)$ with a convolution operation
$$(f*g)(x):=\sum_{ab=x}f(a)g(b).$$
This operation is commutative if $M$ is commutative, but otherwise not necessarily. This is because the tuples $(a,b)$ for which $ab=x$ may not be the same tuples for which $ba=x$. But the operation is associative. And the function $f$ defined by $f(e_M)=1_F$ and $f(x)=0$ for $x\ne e_M$ is a two-sided identity element with respect to this operation. Moreover, convolution distributes over addition!
This means that $\hom(M,F)$ forms a unital, associative algebra over a field when equipped with pointwise addition and convolution. One can also restrict to certain subspaces of $\hom(M,F)$ (for instance, if $M$ and $F$ are topological, then we can take compactly supported continuous maps).
Example: if we take the subspace of functions with finite support, we get the monoid algebra denoted $F[M]$. This is usually presented as the space of formal $F$-linear combinations of elements of $M$ (with the obvious multiplication extended using the distributive property). Such a formal sum of the form $\sum_{x\in M} a_xx$ corresponds to the function $x\mapsto a_x$. Check for yourself that multiplication of formal sums corresponds to convolution of functions.
Example: if $M=(\Bbb N,+)$ is the naturals (containing $0$) under addition, then $F[M]\cong F[x]$ is the polynomial ring in one variable. (Can you figure out what the isomorphism is?)