An enterprise is required to implement several regulatory requirements. Which of the following functions is BEST suited to determine compliance priorities?

Legal counsel has the primary responsibility and expertise in interpreting laws, regulations, and legal obligations, making them best suited to identify, prioritize, and advise the enterprise on the specific regulatory requirements it must meet.

The IT risk department identifies and manages IT-related risks, but relies on legal interpretations to understand the specific regulatory requirements and their prioritization.

The audit department assesses compliance with existing policies and regulations, but it is not typically responsible for establishing the initial compliance priorities or interpreting legal mandates.

Business units are responsible for implementing operations in line with regulations, but they typically depend on legal or compliance functions to interpret and prioritize the specific legal requirements.