System Risk Assessment Template for England and Wales

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Key Requirements PROMPT example:

System Risk Assessment Template

I need a System Risk Assessment Template for our new cloud-based financial management platform that complies with FCA regulations and includes specific focus on third-party integration risks, to be implemented by March 2025.

Document background
The System Risk Assessment Template is designed to help organizations comply with UK regulatory requirements while maintaining robust system security. This document should be used when implementing new systems, making significant changes to existing infrastructure, or conducting periodic risk reviews. The template incorporates requirements from English and Welsh legislation, including the Data Protection Act 2018 and NIS Regulations, while following industry best practices. It provides a comprehensive framework for identifying, analyzing, and documenting system risks, enabling organizations to make informed decisions about risk mitigation strategies.
Suggested Sections

1. System Overview: Description of the system, its purpose, architecture, and scope of assessment

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

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

4. Vulnerability Assessment: Evaluation of system vulnerabilities, weaknesses, and potential points of failure

5. Impact Analysis: Assessment of potential business, operational, and compliance impacts of identified risks

6. Risk Matrix: Probability and impact matrix showing risk levels and prioritization

7. Risk Treatment Plan: Detailed plan for addressing identified risks, including controls and mitigation strategies

Optional Sections

1. Industry-Specific Compliance: Additional risk assessment requirements for regulated industries such as financial services or healthcare

2. Third-Party Integration Assessment: Risk assessment specific to external system connections and third-party dependencies

3. Cloud Services Assessment: Specific risk considerations for cloud-based infrastructure and services

4. Data Protection Impact Assessment: Detailed assessment of data protection risks when system processes personal data

Suggested Schedules

1. Risk Assessment Scoring Guide: Detailed methodology and criteria for risk scoring and evaluation

2. System Architecture Diagrams: Technical diagrams and documentation showing system components and connections

3. Control Framework Matrix: Comprehensive list of existing controls and their effectiveness ratings

4. Action Plan Template: Standardized template for documenting and tracking risk mitigation actions

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

6. Compliance Requirements Checklist: Checklist of relevant regulatory and compliance requirements affecting the system

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

Data Protection Act 2018: UK's implementation of GDPR requirements, governing how personal data must be handled, processed, and protected within systems

Computer Misuse Act 1990: Legislation covering unauthorized access to computer systems and cybercrime, essential for system security considerations

Health and Safety at Work Act 1974: Covers health and safety aspects of system usage, including ergonomics and system safety protocols

Network and Information Systems Regulations 2018: Legislation ensuring security of network and information systems, particularly for essential services and digital providers

ISO 27001: International standard for information security management, providing framework for system security controls

BS EN ISO/IEC 27005:2018: Standard specifically focused on information security risk management methodologies

Cyber Essentials: UK government-backed certification scheme that identifies basic security controls organizations should have in place

Financial Services and Markets Act 2000: Regulatory framework for financial services industry, including requirements for system security in financial institutions

PCI DSS: Payment Card Industry Data Security Standard - requirements for organizations handling credit card information

Companies Act 2006: Primary legislation governing company operations, including requirements for maintaining business records and systems

Electronic Communications Act 2000: Legislation governing electronic communications and digital signatures

Privacy and Electronic Communications Regulations: Specific regulations covering electronic communications, including requirements for electronic marketing and cookies

EU GDPR: European Union's General Data Protection Regulation, affecting any system handling EU residents' data

NCSC Guidelines: National Cyber Security Centre's recommendations and guidance for system security best practices

ICO Guidance: Information Commissioner's Office guidelines on data protection and information security requirements

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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