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

Cost burden is an important factor, but it is typically assessed after understanding the risks and necessary compliance measures, not as the first step.

Readiness of IT systems is a detailed assessment component that follows the initial understanding of the overall risk context and regulatory impact.

The enterprise's existing risk profile provides a holistic view of its current risk appetite, major threats, vulnerabilities, and controls. Understanding this baseline allows the committee to effectively evaluate how the new regulatory requirement modifies or adds to the organization's overall risk posture and helps in prioritizing subsequent assessment steps.

Disruption to normal business operations is a potential consequence of non-compliance or remediation, which is evaluated after assessing the risk itself within the enterprise's profile.