; (ii) prescribe the information to be included in the Legacy Federal IT Inventory required by paragraph (2); (iii) provide guidance on how an agency Chief Information Officer should identify high-risk legacy information technology systems that, at least, requires agency Chief Information Officers, in coordination with other agency stakeholders, to identify as a high risk legacy information technology system any outdated or obsolete system of information technology that is critical to the agency such that the loss or degradation of the system would create a security, operational, or privacy risk to the agency or would otherwise impact the ability of the agency to perform the mission of the agency, effectively deliver programs, or conduct business; and (iv) provide guidance on how existing reporting structures can be used to submit the Legacy Federal IT inventory required by paragraph (2). (B) Updates The Director may update the guidance issued under subparagraph (A) as the Director determines necessary. (5) Definitions In this subsection: (A) Agency Chief Information Officer The term agency Chief Information Officer means a Chief Information Officer designated under section 3506(a)(2) of title 44, United States Code. (B) Federal chief information officer The term Federal Chief Information Officer means the Administrator of the Office of Electronic Government. ; and (7) in subsection (g)(1), as so redesignated, by striking On and after the date that is 2 years after the date on which the Comptroller General of the United States issues the third report required under subsection (b)(7)(B), and inserting After December 31, 2031, .