IT Risk Assessment Form

IT Risk Assessment Form Template for Malaysia

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Key Requirements PROMPT example:

"I need an IT Risk Assessment Form for evaluating the security risks of our new cloud-based ERP system implementation in Malaysia, with particular focus on data protection compliance and third-party vendor risks."

Document background

The IT Risk Assessment Form is a critical document used by organizations operating in Malaysia to evaluate and document technology-related risks in compliance with local regulations. This form becomes necessary when implementing new systems, conducting periodic risk reviews, or responding to significant changes in the IT environment. It captures essential information about technological assets, potential threats, vulnerabilities, existing controls, and proposed risk mitigation measures. The document must align with Malaysian legal requirements, including the Personal Data Protection Act 2010, Communications and Multimedia Act 1998, and where applicable, the Risk Management in Technology (RMiT) Guidelines issued by Bank Negara Malaysia. Regular completion of this assessment helps organizations maintain robust IT governance, ensure regulatory compliance, and make informed decisions about risk management strategies.

Suggested Sections

1. Document Information: Basic information including assessment date, assessor details, and document version

2. System/Project Overview: Description of the IT system, project, or process being assessed

3. Assessment Scope: Clear definition of what is included and excluded from the risk assessment

4. Risk Assessment Methodology: Explanation of the risk assessment approach, scoring criteria, and evaluation methods used

5. Asset Inventory: List and classification of IT assets within scope of assessment

6. Threat Identification: Analysis of potential threats to the system or process

7. Vulnerability Assessment: Identification of system weaknesses and control gaps

8. Risk Analysis: Detailed analysis of identified risks including likelihood and impact assessment

9. Current Controls: Documentation of existing security controls and measures

10. Risk Treatment Plan: Recommended actions for addressing identified risks

11. Sign-off and Approval: Signatures and approvals from relevant stakeholders

Optional Sections

1. Compliance Assessment: Evaluation of compliance with specific regulations or standards, used when the assessment needs to address particular regulatory requirements

2. Business Impact Analysis: Assessment of potential business impacts of identified risks, included for critical systems or when required by management

3. Cost-Benefit Analysis: Analysis of costs versus benefits for proposed controls, included when budget justification is required

4. Third-Party Risk Assessment: Evaluation of risks related to third-party vendors or service providers, included when external dependencies exist

5. Technical Security Testing Results: Results of security testing or penetration testing, included when technical testing has been performed

Suggested Schedules

1. Risk Assessment Matrix: Detailed matrix showing risk scoring criteria and evaluation framework

2. Asset Register: Detailed inventory of all IT assets including classifications and owners

3. Control Checklist: Comprehensive checklist of security controls assessed

4. Risk Register: Detailed log of all identified risks and their attributes

5. Action Plan Timeline: Timeline and responsibilities for implementing recommended controls

6. Testing Results: Detailed results of any security testing performed

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Healthcare

Technology

Manufacturing

Retail

Government

Education

Telecommunications

Energy

Professional Services

Relevant Teams

Information Security

Risk Management

Information Technology

Compliance

Internal Audit

Legal

Operations

Project Management

Infrastructure

Data Protection

Relevant Roles

Chief Information Security Officer

IT Risk Manager

Information Security Analyst

Compliance Manager

IT Auditor

Risk Assessment Specialist

Security Consultant

IT Project Manager

Systems Administrator

Data Protection Officer

IT Governance Manager

Chief Technology Officer

Information Security Engineer

Risk Control Officer

IT Operations Manager

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