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IT Risk Assessment Report

IT Risk Assessment Report Template for Hong Kong

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Key Requirements PROMPT example:

IT Risk Assessment Report

"I need an IT Risk Assessment Report for our Hong Kong-based fintech company that will be applying for a virtual banking license in March 2025, with particular focus on HKMA compliance requirements and cloud infrastructure security assessment."

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Document background
The IT Risk Assessment Report is a crucial document required for organizations operating in Hong Kong to evaluate and document their technology-related risks and control measures. This report is particularly important given Hong Kong's strict regulatory environment and its position as a major financial and business hub. The document typically results from a comprehensive assessment of an organization's IT infrastructure, systems, and processes, considering both technical and business aspects. It should align with Hong Kong's regulatory requirements, including the Personal Data (Privacy) Ordinance, HKMA guidelines, and relevant international standards such as ISO 27001. The IT Risk Assessment Report serves as both a compliance document and a strategic planning tool, helping organizations identify, assess, and mitigate IT-related risks while ensuring regulatory compliance.
Suggested Sections

1. Executive Summary: High-level overview of the assessment, key findings, and critical recommendations

2. Scope and Objectives: Clear definition of the assessment boundaries, systems covered, and objectives of the risk assessment

3. Methodology: Detailed explanation of the risk assessment approach, frameworks used, and evaluation criteria

4. Current Environment Overview: Description of the existing IT infrastructure, systems, and processes being assessed

5. Risk Assessment Findings: Detailed analysis of identified risks, vulnerabilities, and their potential impact

6. Risk Ratings and Prioritization: Classification and prioritization of identified risks based on their severity and likelihood

7. Compliance Analysis: Evaluation of compliance with relevant Hong Kong regulations and industry standards

8. Recommendations: Detailed mitigation strategies and recommendations for addressing identified risks

9. Implementation Roadmap: Proposed timeline and approach for implementing recommended controls and improvements

Optional Sections

1. Business Impact Analysis: Detailed analysis of how identified risks could impact business operations, recommended when assessment covers critical business systems

2. Cost-Benefit Analysis: Analysis of the financial implications of recommended controls, useful when budget justification is required

3. Third-Party Risk Assessment: Evaluation of risks related to third-party vendors and service providers, included when vendor systems are in scope

4. Cloud Security Assessment: Specific analysis of cloud-based services and associated risks, included when cloud services are used

5. Data Privacy Impact Assessment: Detailed privacy risk analysis, required when systems process personal data under PDPO

6. Historical Incident Analysis: Review of past security incidents and their impact, included when historical data is relevant to current risks

Suggested Schedules

1. Appendix A: Technical Vulnerability Assessment Results: Detailed technical findings from vulnerability scans and technical testing

2. Appendix B: Risk Assessment Matrices: Detailed risk scoring matrices and methodology

3. Appendix C: Compliance Checklist: Detailed compliance requirements and current status

4. Appendix D: Asset Inventory: Comprehensive list of IT assets included in the assessment scope

5. Appendix E: Interview Notes and Documentation Review: Summary of stakeholder interviews and reviewed documentation

6. Appendix F: Technical Architecture Diagrams: Detailed network and system architecture diagrams

7. Appendix G: Risk Treatment Plan: Detailed plan for addressing identified risks including responsibilities and timelines

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Access Control
Asset
Audit Trail
Authentication
Authorization
Availability
Breach
Business Impact
Cloud Services
Confidentiality
Control Measure
Critical System
Cyber Attack
Data Classification
Data Controller
Data Processor
Data Subject
Disaster Recovery
Encryption
Endpoint
Firewall
Incident
Information Asset
Information Security
Infrastructure
Integrity
Internal Control
Likelihood
Malware
Mitigation
Network Security
Personal Data
Risk
Risk Appetite
Risk Assessment
Risk Level
Risk Matrix
Risk Owner
Risk Rating
Risk Treatment
Security Event
Security Incident
Severity
System Owner
Threat
Threat Actor
Vulnerability
Vulnerability Assessment
Clauses
Scope Definition
Assessment Methodology
Risk Classification
Data Protection
System Security
Access Control
Network Security
Cloud Security
Incident Management
Business Continuity
Compliance Requirements
Vendor Management
Technical Controls
Operational Controls
Physical Security
Change Management
Asset Management
Vulnerability Management
Risk Treatment
Monitoring and Review
Training and Awareness
Disaster Recovery
Data Governance
Identity Management
Encryption Standards
Audit and Logging
Configuration Management
Patch Management
Mobile Device Security
Remote Access Security
Relevant Industries

Financial Services

Banking

Insurance

Healthcare

Technology

Telecommunications

Retail

Professional Services

Manufacturing

Education

Government

Transportation and Logistics

Relevant Teams

Information Technology

Information Security

Risk Management

Compliance

Internal Audit

Legal

Operations

Executive Management

Infrastructure

Data Protection

IT Governance

Digital Transformation

Project Management Office

Relevant Roles

Chief Information Security Officer

Chief Technology Officer

IT Director

Risk Manager

Compliance Officer

Information Security Manager

IT Audit Manager

Systems Administrator

Network Security Engineer

Data Protection Officer

IT Risk Analyst

Chief Risk Officer

IT Operations Manager

Security Consultant

Chief Executive Officer

Chief Operating Officer

Industries
Personal Data (Privacy) Ordinance (PDPO): Hong Kong's primary legislation for personal data protection, which sets out requirements for collecting, handling, and securing personal data in IT systems
Cybersecurity Guidelines by HKMA: Guidelines issued by the Hong Kong Monetary Authority for cybersecurity risk management, particularly relevant for IT systems in financial institutions
Electronic Transactions Ordinance: Governs electronic transactions and digital signatures, relevant for assessing IT systems that handle electronic communications and transactions
Securities and Futures Ordinance (SFO): Contains requirements for IT systems handling financial trading and related activities, including requirements for system integrity and security
Crime Ordinance: Includes provisions related to computer crimes and unauthorized access to computer systems, which should be considered in IT risk assessments
ISO/IEC 27001: International standard for information security management systems, widely adopted in Hong Kong for IT risk assessment frameworks
General Data Protection Regulation (GDPR): While not Hong Kong legislation, should be considered if the IT systems process data of EU residents or interact with EU-based systems
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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