The Electronic Banking Risk Assessment Template serves as a critical tool for Australian financial institutions in evaluating and managing risks associated with their electronic banking operations. This document has been developed to address the growing complexity of digital banking services and the increasing regulatory focus on cybersecurity and operational resilience in the Australian financial sector. The template incorporates requirements from key Australian regulatory frameworks, including APRA's Prudential Standards, the Banking Act 1959, and the Security of Critical Infrastructure Act 2018. It is designed to be used periodically or when significant changes occur in electronic banking systems, providing a structured approach to risk assessment that covers technological, operational, and compliance aspects of electronic banking services.
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1. 1. Executive Summary: Overview of the risk assessment scope, methodology, and key findings
2. 2. Scope and Objectives: Definition of the assessment boundaries, systems covered, and intended outcomes
3. 3. Risk Assessment Methodology: Description of the approach used for risk identification, analysis, and evaluation
4. 4. System Overview: Detailed description of the electronic banking systems, architecture, and components being assessed
5. 5. Threat Landscape: Analysis of current and emerging threats to electronic banking systems
6. 6. Vulnerability Assessment: Identification and analysis of system vulnerabilities and weaknesses
7. 7. Risk Analysis: Detailed analysis of identified risks, including likelihood and impact assessments
8. 8. Current Controls Assessment: Evaluation of existing security controls and their effectiveness
9. 9. Risk Treatment Plan: Proposed measures to address identified risks and implementation priorities
10. 10. Compliance Assessment: Evaluation against relevant regulatory requirements and industry standards
11. 11. Recommendations: Specific actions recommended to improve risk posture
12. 12. Monitoring and Review: Framework for ongoing risk monitoring and assessment updates
1. Third-Party Risk Assessment: Detailed assessment of risks associated with third-party service providers and vendors
2. Business Continuity Considerations: Assessment of risks related to business continuity and disaster recovery
3. Mobile Banking Security Assessment: Specific risk assessment for mobile banking applications and services
4. Cross-Border Banking Risks: Assessment of risks related to international transactions and multi-jurisdiction operations
5. Open Banking Risk Assessment: Evaluation of risks specific to open banking implementations and APIs
6. Emerging Technology Risks: Assessment of risks related to new technologies like AI, blockchain, or cloud services
1. Schedule A - Risk Rating Matrix: Detailed risk assessment criteria and scoring methodology
2. Schedule B - Control Framework Mapping: Mapping of controls to relevant standards and regulations
3. Schedule C - Technical Infrastructure Details: Detailed technical specifications and system architecture diagrams
4. Schedule D - Testing Results: Results of security testing and vulnerability assessments
5. Schedule E - Incident Response Procedures: Procedures for responding to security incidents
6. Appendix 1 - Regulatory Compliance Checklist: Detailed checklist of regulatory requirements and compliance status
7. Appendix 2 - Risk Treatment Action Plan: Detailed implementation plan for risk treatment measures
8. Appendix 3 - Glossary of Terms: Definitions of technical terms and acronyms used in the assessment
Relevant legal definitions
Access Control
API (Application Programming Interface)
APRA
ASIC
Authentication
Authorization
Banking Channel
Business Impact
Confidentiality
Control Measure
Critical System
Cyber Attack
Cyber Incident
Data Breach
Digital Certificate
Electronic Banking
Electronic Banking System
Encryption
End-Point Security
Financial Crime
Incident Response
Information Asset
Information Security
Integrity
Internet Banking
Key Risk Indicator
Likelihood
Material Risk
Mobile Banking
Multi-Factor Authentication
NPP (New Payments Platform)
Operating Environment
PayID
Payment System
Penetration Testing
Personal Information
Privacy Impact
Prudential Standard
Recovery Point Objective
Recovery Time Objective
Residual Risk
Risk Appetite
Risk Assessment
Risk Control
Risk Matrix
Risk Mitigation
Risk Owner
Risk Rating
Risk Treatment
Security Event
Security Incident
Security Breach
System User
Third-Party Provider
Threat Actor
Transaction Monitoring
Two-Factor Authentication
Vulnerability
Vulnerability Assessment
API (Application Programming Interface)
APRA
ASIC
Authentication
Authorization
Banking Channel
Business Impact
Confidentiality
Control Measure
Critical System
Cyber Attack
Cyber Incident
Data Breach
Digital Certificate
Electronic Banking
Electronic Banking System
Encryption
End-Point Security
Financial Crime
Incident Response
Information Asset
Information Security
Integrity
Internet Banking
Key Risk Indicator
Likelihood
Material Risk
Mobile Banking
Multi-Factor Authentication
NPP (New Payments Platform)
Operating Environment
PayID
Payment System
Penetration Testing
Personal Information
Privacy Impact
Prudential Standard
Recovery Point Objective
Recovery Time Objective
Residual Risk
Risk Appetite
Risk Assessment
Risk Control
Risk Matrix
Risk Mitigation
Risk Owner
Risk Rating
Risk Treatment
Security Event
Security Incident
Security Breach
System User
Third-Party Provider
Threat Actor
Transaction Monitoring
Two-Factor Authentication
Vulnerability
Vulnerability Assessment
Clauses
Scope Definition
Risk Assessment Methodology
System Architecture
Access Control
Data Protection
Authentication Requirements
Transaction Security
Incident Response
Business Continuity
Disaster Recovery
Third-Party Management
Compliance Requirements
Security Controls
Monitoring and Reporting
Vulnerability Management
Change Management
User Access Management
Data Privacy
Encryption Standards
Audit Requirements
Risk Treatment
System Testing
Performance Monitoring
Regulatory Reporting
Documentation Requirements
Review and Updates
Roles and Responsibilities
Training Requirements
Incident Notification
Security Breach Response
Risk Assessment Methodology
System Architecture
Access Control
Data Protection
Authentication Requirements
Transaction Security
Incident Response
Business Continuity
Disaster Recovery
Third-Party Management
Compliance Requirements
Security Controls
Monitoring and Reporting
Vulnerability Management
Change Management
User Access Management
Data Privacy
Encryption Standards
Audit Requirements
Risk Treatment
System Testing
Performance Monitoring
Regulatory Reporting
Documentation Requirements
Review and Updates
Roles and Responsibilities
Training Requirements
Incident Notification
Security Breach Response
Relevant Industries
Banking
Financial Services
FinTech
Digital Banking
Payment Services
Information Technology
Cybersecurity
Risk Management
Regulatory Compliance
Financial Technology
Relevant Teams
Risk Management
Information Security
Compliance
Internal Audit
IT Operations
Digital Banking
Cybersecurity
Legal
Operations
Technology Governance
Financial Crime Prevention
Quality Assurance
Relevant Roles
Chief Risk Officer
Chief Information Security Officer
IT Security Manager
Compliance Officer
Risk Assessment Specialist
Digital Banking Manager
Information Security Analyst
Systems Auditor
Regulatory Compliance Manager
Technology Risk Manager
Electronic Banking Operations Manager
Cybersecurity Specialist
IT Governance Manager
Digital Operations Director
Financial Crime Prevention Officer
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