Malcolm is currently the Ramsay Health Care Professor of Psychiatry, University of Melbourne; based at the Albert Road Clinic. At the Albert Road Clinic he provides inpatient care within the Professorial Psychiatry Unit as well as outpatient consultations focused on second psychiatric opinions. 

Malcolm has a long track record of involvement in psychiatric research. His research areas of interest include clinical aspects of mood and anxiety disorders, psychopharmacology and psychiatric aspects of acquired brain injury. He also leads the undergraduate and registrar training schemes at the Albert Road Clinic.
 
Malcolm was President of the Royal Australian and New Zealand College of Psychiatrists from 2015 to 2017. He is now President of the Asian Federation of Psychiatric Associations and in 2017 was made an Honorary Member of the World Psychiatric Association.