IT Risk Assessment Policy

IT Risk Assessment Policy Template for Malaysia

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Key Requirements PROMPT example:

"I need an IT Risk Assessment Policy for our Malaysian financial services company that complies with Bank Negara Malaysia's RMiT guidelines and includes specific provisions for cloud computing and third-party fintech integrations, to be implemented by March 2025."

Document background

In today's rapidly evolving technological landscape, organizations face increasing IT-related risks that must be systematically identified, assessed, and managed. The IT Risk Assessment Policy serves as a crucial governance document that provides a structured approach to evaluating and managing technology risks while ensuring compliance with Malaysian regulatory requirements. This policy is essential for organizations seeking to protect their digital assets, maintain operational resilience, and meet their regulatory obligations under various Malaysian laws including the Personal Data Protection Act 2010 and the Computer Crimes Act 1997. It establishes clear guidelines for risk assessment procedures, responsibilities, and reporting mechanisms, while considering industry-specific requirements and best practices.

Suggested Sections

1. Purpose and Scope: Defines the objectives of the policy and its applicability within the organization

2. Policy Statement: High-level statement of management's commitment to IT risk assessment and overall risk management objectives

3. Definitions: Clear definitions of technical terms, risk categories, and key concepts used throughout the policy

4. Roles and Responsibilities: Defines key stakeholders and their responsibilities in the IT risk assessment process

5. Risk Assessment Methodology: Detailed explanation of the organization's approach to identifying, analyzing, and evaluating IT risks

6. Risk Assessment Frequency: Specifies the required frequency of risk assessments and triggers for ad-hoc assessments

7. Risk Categories and Classification: Defines the categories of IT risks and how they are classified based on impact and likelihood

8. Documentation Requirements: Specifies the required documentation for risk assessments and reporting requirements

9. Risk Treatment and Mitigation: Guidelines for developing and implementing risk treatment plans

10. Monitoring and Review: Procedures for ongoing monitoring of risks and periodic review of the risk assessment process

11. Compliance and Reporting: Requirements for regulatory compliance and internal reporting procedures

12. Policy Review and Updates: Process for reviewing and updating the policy to ensure continued effectiveness

Optional Sections

1. Industry-Specific Requirements: Additional requirements specific to regulated industries (e.g., financial services, healthcare)

2. Cloud Computing Risk Assessment: Specific procedures for assessing risks related to cloud services and providers

3. Third-Party Risk Assessment: Procedures for assessing risks associated with third-party vendors and service providers

4. Business Continuity Integration: Integration with business continuity and disaster recovery planning

5. Privacy Impact Assessment: Specific procedures for assessing privacy risks in compliance with PDPA 2010

6. Remote Work Risk Assessment: Procedures for assessing risks specific to remote work arrangements

7. Project Risk Assessment: Specific procedures for assessing risks in IT projects and implementations

Suggested Schedules

1. Risk Assessment Templates: Standard templates for conducting and documenting risk assessments

2. Risk Matrix: Template and guidelines for risk evaluation matrix

3. Control Assessment Checklist: Checklist for evaluating the effectiveness of existing controls

4. Regulatory Compliance Checklist: Checklist of relevant Malaysian regulatory requirements

5. Risk Treatment Plan Template: Template for documenting risk treatment and mitigation plans

6. Risk Register Template: Template for maintaining an ongoing record of identified risks and their status

7. Incident Response Procedures: Procedures for responding to identified high-priority risks

8. Risk Assessment Report Template: Standard template for risk assessment reporting

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

Manufacturing

Retail

Education

Government

Energy

Transportation

E-commerce

Professional Services

Relevant Teams

Information Technology

Risk Management

Information Security

Compliance

Internal Audit

Legal

Operations

Data Protection

Business Continuity

Project Management Office

Infrastructure

Application Development

Quality Assurance

Relevant Roles

Chief Information Officer

Chief Risk Officer

IT Security Manager

Risk Management Director

Compliance Officer

Information Security Analyst

IT Auditor

Data Protection Officer

IT Operations Manager

System Administrator

Network Security Engineer

Business Continuity Manager

Privacy Officer

IT Governance Manager

Risk Analyst

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