IT Risk Assessment Form Template for Singapore

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Key Requirements PROMPT example:

IT Risk Assessment Form

"I need an IT Risk Assessment Form for our new cloud-based CRM system that will be implemented in March 2025, with particular focus on data protection requirements under Singapore law and third-party vendor assessment for our healthcare organization."

Document background

The IT Risk Assessment Form is a critical compliance and security document used in Singapore's regulatory environment. It helps organizations meet their obligations under various laws including the PDPA 2012 and Cybersecurity Act 2018. The form is designed to systematically identify potential IT risks, assess their impact, and document control measures. It's particularly important for organizations handling sensitive data or operating critical information infrastructure. The assessment includes evaluation of system vulnerabilities, data protection measures, and compliance with Singapore's stringent cybersecurity requirements.

Suggested Sections

1. System/Application Information: Basic details about the IT system being assessed, including system name, owner, purpose, and technical specifications

2. Risk Assessment Methodology: Detailed explanation of the risk assessment approach, scoring criteria, and evaluation framework used

3. Threat Identification: Comprehensive inventory of potential threats to the system, including internal and external threats

4. Vulnerability Assessment: Analysis of system weaknesses, security gaps, and potential points of failure

5. Impact Analysis: Evaluation of potential business, operational, and financial impacts of identified risks

6. Risk Rating Matrix: Framework for scoring and prioritizing risks based on likelihood and impact

7. Control Measures: Documentation of existing security controls and recommendations for additional measures

Optional Sections

1. Cloud Service Provider Assessment: Specific risk assessment for cloud services, including data residency, service availability, and provider compliance

2. Third-Party Vendor Assessment: Evaluation of risks associated with external vendors, including access controls and data handling practices

3. Data Protection Impact Assessment: Detailed assessment of personal data handling practices and compliance with PDPA requirements

4. Cross-Border Data Transfer Assessment: Analysis of risks related to international data transfers and compliance with relevant regulations

Suggested Schedules

1. Risk Assessment Checklist: Comprehensive checklist of assessment criteria and compliance requirements

2. System Architecture Diagram: Technical documentation showing system components, data flows, and security controls

3. Control Implementation Plan: Detailed timeline and responsibilities for implementing recommended security controls

4. Previous Assessment History: Record of past assessments, findings, and remediation actions taken

5. Regulatory Compliance Matrix: Mapping of assessment findings to relevant Singapore regulatory requirements

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services
Healthcare
Government
Technology
Manufacturing

Relevant Teams

Information Technology
Information Security
Risk Management
Compliance
Internal Audit

Relevant Roles

Chief Information Security Officer (CISO)
IT Security Manager
Risk Manager
Compliance Officer
System Administrator

Industries

PDPA 2012: Personal Data Protection Act - Key legislation governing collection, use, disclosure and care of personal data in Singapore. Essential for defining data protection requirements in IT risk assessments.

Cybersecurity Act 2018: Framework for protection of Critical Information Infrastructure (CII) and regulation of cybersecurity service providers. Sets cybersecurity obligations and incident reporting requirements.

Computer Misuse Act: Legislation addressing computer crimes and unauthorized access. Important for defining security breach scenarios in risk assessments.

Electronic Transactions Act: Legal framework for electronic transactions and digital signatures. Relevant for assessing risks in electronic business processes.

MAS TRM Guidelines: Monetary Authority of Singapore's Technology Risk Management Guidelines - Detailed requirements for financial institutions on technology risk management and cybersecurity.

MAS Notice on Technology Risk Management: Legally binding requirements from MAS on technology risk management practices, specifically for financial institutions.

MAS BCM Guidelines: Business Continuity Management Guidelines providing framework for operational resilience and disaster recovery planning.

PDPC Advisory Guidelines: Practical guidance on interpreting and implementing PDPA requirements in various scenarios and sectors.

ISO/IEC 27001: International standard for information security management systems. Provides framework for identifying and managing IT security risks.

ISO 31000: International standard for risk management principles and guidelines. Provides structured approach to risk assessment and management.

NIST Cybersecurity Framework: Comprehensive framework for managing cybersecurity risks, including identification, protection, detection, response, and recovery.

Healthcare Services Act: Specific requirements for healthcare providers regarding patient data protection and healthcare technology risk management.

CII Requirements: Specific obligations for Critical Information Infrastructure owners under the Cybersecurity Act, including risk assessments and incident reporting.

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Authors

Alex Denne

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