A regulator has expressed concerns about the timeliness of information reported from an enterprise. Which of the following should be done FIRST to address this issue?

When a regulator expresses concerns about timeliness, the initial step is to understand the current state of the reporting delivery process, including data collection, processing, and submission, to pinpoint bottlenecks or inefficiencies. This assessment helps identify the root causes of the delay before implementing solutions.

Negotiating an exception process is a reactive measure and should only be considered after understanding why the current process is failing and exploring solutions.

Automating the reporting process might be a solution, but it's premature to jump to a solution without first assessing the current process to understand what needs to be automated and why.

Evaluating risk acceptance implies deciding not to address the issue directly, which is generally not an appropriate first response to a regulator's stated concern about non-compliance.