Establishing Critical Systems and Functions Identification and Prioritization

C.

The correct answer is C. Conduct a business impact analysis.

Business Continuity Planning (BCP) is the process of developing a strategy to ensure that essential business functions can continue in the event of a disruption. The National Institute of Standards and Technology (NIST) provides guidelines for creating BCPs that are widely used by organizations.

One of the key phases in BCP creation is the Business Impact Analysis (BIA). BIA is the process of identifying and prioritizing critical systems and functions in an organization. It involves analyzing the potential impact of disruptions on the organization's operations, financial stability, reputation, and compliance requirements.

During the BIA phase, an organization assesses the potential impacts of various scenarios and identifies critical functions, resources, and systems required to support the organization's mission-essential operations. The BIA phase helps an organization prioritize recovery efforts based on the criticality of business functions, resources, and systems.

Option A, reviewing a recent gap analysis, may be useful in identifying areas where an organization's existing BCP may not align with NIST best practices. However, it does not directly relate to the identification and prioritization of critical systems and functions.

Option B, performing a cost-benefit analysis, is not directly related to identifying critical systems and functions, but may be useful in determining the feasibility of implementing various recovery strategies.

Option D, developing an exposure factor matrix, is a tool used to calculate the potential loss associated with specific risks. While it is a useful tool in risk management, it is not directly related to the identification and prioritization of critical systems and functions.