IT Risk Assessment Matrix

IT Risk Assessment Matrix Template for Malaysia

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Key Requirements PROMPT example:

"I need an IT Risk Assessment Matrix for a Malaysian financial services company that complies with Bank Negara Malaysia's RMiT guidelines, with specific focus on digital banking operations and cloud services risk assessment, to be implemented by March 2025."

Document background

The IT Risk Assessment Matrix serves as a crucial tool for organizations operating in Malaysia to evaluate and manage their information technology risks in compliance with local regulations. This document is essential when organizations need to conduct systematic assessments of their IT infrastructure, systems, and processes to identify potential risks and develop appropriate mitigation strategies. It incorporates requirements from Malaysian legislation including the Personal Data Protection Act 2010, Computer Crimes Act 1997, and Risk Management in Technology (RMiT) Guidelines. The matrix is particularly valuable during annual risk assessments, system implementations, regulatory audits, and major technological changes. It provides a standardized approach to risk evaluation while allowing for customization based on specific organizational needs and industry requirements.

Suggested Sections

1. Executive Summary: Overview of the risk assessment process, key findings, and major risk areas identified

2. Introduction and Scope: Purpose of the risk assessment, scope of systems and processes covered, and assessment boundaries

3. Risk Assessment Methodology: Detailed explanation of the assessment approach, scoring criteria, and evaluation methods used

4. Risk Categories: Classification of different types of IT risks (e.g., operational, security, compliance, strategic)

5. Risk Evaluation Criteria: Definition of impact and likelihood scales, risk tolerance levels, and assessment parameters

6. Risk Matrix: Visual representation of risks plotted against impact and likelihood, with color-coding for risk levels

7. Current Controls Assessment: Evaluation of existing control measures and their effectiveness

8. Risk Treatment Plans: Proposed mitigation strategies and action plans for identified risks

9. Monitoring and Review: Procedures for ongoing risk monitoring and periodic review requirements

Optional Sections

1. Industry-Specific Risk Factors: Detailed analysis of risks specific to the organization's industry sector

2. Compliance Requirements: Specific section addressing regulatory compliance requirements and associated risks

3. Cost-Benefit Analysis: Financial assessment of proposed risk mitigation measures

4. Business Impact Analysis: Detailed analysis of how identified risks could impact business operations

5. Vendor Risk Assessment: Evaluation of risks associated with third-party vendors and service providers

6. Historical Risk Data: Analysis of past incidents and their impact on the organization

Suggested Schedules

1. Appendix A: Risk Assessment Worksheets: Detailed worksheets showing individual risk assessments and calculations

2. Appendix B: Control Framework Mapping: Mapping of controls to relevant frameworks (ISO 27001, NIST, etc.)

3. Appendix C: Risk Register: Comprehensive list of all identified risks with detailed information

4. Appendix D: Technical Infrastructure Details: Technical specifications and system architecture relevant to risk assessment

5. Appendix E: Compliance Checklist: Detailed checklist of regulatory compliance requirements and status

6. Schedule 1: Assessment Timeline: Detailed timeline for risk assessment activities and review periods

7. Schedule 2: Responsibility Matrix: RACI matrix defining roles and responsibilities in risk management

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Telecommunications

Government

Education

Manufacturing

Retail

Energy

Transportation

Professional Services

Insurance

Relevant Teams

Information Technology

Risk Management

Information Security

Compliance

Internal Audit

Operations

Legal

Executive Leadership

Project Management Office

Quality Assurance

Relevant Roles

Chief Information Officer

IT Director

Risk Manager

Information Security Manager

Compliance Officer

IT Audit Manager

System Administrator

Network Security Engineer

Data Protection Officer

IT Project Manager

Chief Technology Officer

Chief Risk Officer

Information Security Analyst

IT Operations Manager

Digital Transformation Manager

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