When conducting a risk assessment in support of a new regulatory requirement, the IT risk committee should FIRST consider the:

Disruptions to normal business operations are a potential impact of non-compliance or implementing new controls, which is assessed after understanding the initial risk profile.

The enterprise's existing risk profile provides a foundational understanding of the organization's overall risk appetite, current threats, vulnerabilities, and controls, which is crucial context before assessing risks specific to a new regulatory requirement. This initial understanding helps in scoping the assessment and aligning it with the enterprise's broader risk management strategy.

Assessing the readiness of IT systems is a detailed step in identifying specific vulnerabilities or gaps, which follows the broader understanding of the enterprise risk profile.

The risk cost burden is a factor in risk treatment and decision-making, but it comes after the identification and analysis of risks in the context of the enterprise's overall risk posture.