Which of the following should be the FIRST action taken by a newly formed IT governance committee to ensure reports are compliant with regulations and identify key IT risks?

A reporting communication plan is important for disseminating information but does not, by itself, ensure compliance or identify risks; it is a subsequent step after risks and compliance requirements are understood.

KRIs provide early warning signals of increasing risk exposure, allowing the committee to proactively monitor potential non-compliance or emerging IT risks against regulatory requirements and take timely corrective actions. This proactive monitoring is fundamental to effective risk management and compliance.

Training end users is a crucial part of compliance, but it is an operational task that typically follows the identification of specific risks and requirements, which KRIs help to achieve.

A mechanism for reporting escalation is vital for incident response, but identifying the risks that might trigger such escalation, through KRIs, is a more fundamental and prior step for a governance committee.