Document background
The Internal Risk Assessment Report is a crucial document required for organizations operating in Malaysia, particularly those in regulated sectors. It serves as a comprehensive evaluation tool that helps organizations identify, assess, and manage various risks in compliance with Malaysian regulatory requirements, including guidelines from Bank Negara Malaysia and the Securities Commission. The report is typically prepared annually or when significant organizational changes occur, incorporating detailed analysis of risk factors, control effectiveness, and mitigation strategies. It should be aligned with both local regulatory requirements and international risk management standards such as ISO 31000. The document is essential for demonstrating proper risk governance to regulators and stakeholders while providing management with actionable insights for risk-based decision making.
