Firm Risk Assessment Template for Singapore

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Firm Risk Assessment Template

Need a Firm Risk Assessment Template for our Singapore-based fintech startup that specifically addresses cybersecurity risks and regulatory compliance with MAS guidelines, to be implemented by March 2025.

Document background
The Firm Risk Assessment Template is a crucial document for organizations operating in Singapore to maintain compliance with local regulatory requirements while effectively managing business risks. This template is designed to be used when organizations need to conduct comprehensive risk assessments, whether for regular review cycles or in response to significant operational changes. It encompasses all aspects of risk management as required by Singapore authorities, including workplace safety, financial compliance, and data protection considerations.
Suggested Sections

1. 1. Introduction and Scope: Purpose of risk assessment and scope of application, including regulatory compliance requirements under Singapore law

2. 2. Risk Assessment Methodology: Systematic approach to identifying and evaluating risks in accordance with Workplace Safety and Health (Risk Management) Regulations

3. 3. Risk Categories: Classification and assessment of different risk types including operational, financial, strategic, compliance, and regulatory risks

4. 4. Risk Evaluation Criteria: Metrics and parameters for risk evaluation, aligned with MAS Guidelines and industry standards

5. 5. Control Measures: Existing and proposed risk mitigation strategies, including compliance with relevant Singapore legislation

Optional Sections

1. Industry-Specific Risk Factors: Additional risks specific to the company's industry and relevant regulatory requirements

2. Environmental Risk Assessment: Environmental impact considerations under the Environmental Protection and Management Act

3. Technology Risk Assessment: IT and cybersecurity risks assessment in compliance with the Cybersecurity Act and MAS Technology Risk Management Guidelines

4. Data Protection Risk Assessment: Assessment of data protection risks and compliance measures under PDPA

Suggested Schedules

1. Schedule 1: Risk Assessment Matrix: Template for risk likelihood and impact evaluation as per WSH Risk Management Guidelines

2. Schedule 2: Control Measure Checklist: Detailed list of control measures and their implementation status

3. Schedule 3: Incident Report Template: Standard format for reporting risk incidents and regulatory breaches

4. Schedule 4: Review Schedule: Timeline for periodic risk assessment reviews and updates

5. Appendix A: Regulatory Framework Reference: List of applicable Singapore laws, regulations, and guidelines relevant to risk assessment

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

Relevant legal definitions
Clauses
Industries

Workplace Safety and Health Act (WSHA): Primary legislation governing workplace safety, health and risk management requirements in Singapore, including specific Risk Assessment and Management Regulations

Personal Data Protection Act (PDPA): Framework for data protection and privacy requirements in risk assessment, particularly regarding handling of personal information

Securities and Futures Act: Regulatory framework for securities, futures and derivatives markets, including risk management requirements for financial institutions

MAS Guidelines on Risk Management: Monetary Authority of Singapore's guidelines specifying risk management practices for financial institutions and regulated entities

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism regulations requiring specific risk assessments and controls

Environmental Protection and Management Act: Legislative framework for environmental risk assessment and management in business operations

Fire Safety Act: Requirements for fire safety risk assessment and management in business premises

Companies Act: Primary legislation governing corporate entities, including requirements for risk management and corporate governance

Cybersecurity Act: Framework for cybersecurity risk assessment and management, particularly for critical information infrastructure

MAS Technology Risk Management Guidelines: Specific guidelines for technology risk assessment and management in financial institutions and regulated entities

Employment Act: Primary employment legislation that needs to be considered in workforce-related risk assessments

Business Continuity Management Guidelines: Guidelines for assessing and managing business continuity risks and developing appropriate response plans

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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