When assessing the impact of a new regulatory requirement, which of the following should be the FIRST course of action?
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A. B. C. D.D.
When assessing the impact of a new regulatory requirement, the FIRST course of action should be to map the regulation to business processes. This means understanding how the regulation will affect the organization's operations, including the processes, systems, and people involved.
Mapping the regulation to business processes is important because it helps identify the areas of the organization that will be impacted by the new requirement. This includes understanding how the regulation affects different departments, systems, and processes, and the potential costs and risks associated with compliance.
Once the regulation has been mapped to business processes, the organization can then assess the budget impact of the new regulation. This involves estimating the costs associated with compliance, such as the cost of implementing new systems, hiring additional staff, or conducting audits and assessments.
Updating affected IT policies is also an important step, but it should not be the first course of action. Once the organization understands how the regulation will impact its business processes, it can then update policies and procedures to ensure compliance with the new requirements.
Finally, implementing new regulatory requirements should only be done after the organization has mapped the regulation to business processes, assessed the budget impact, and updated relevant policies and procedures. This ensures that the organization is fully prepared to comply with the new requirements and minimize the risk of non-compliance.