After the announcement of a new IT regulatory requirement, it is MOST important for a risk practitioner to;

Preparing a mitigation strategy is a subsequent step, which can only be effectively done after the impact of the new requirement on the IT environment has been thoroughly understood.

Escalating to senior management might be necessary, but it should be done with an informed assessment of the impact, rather than immediately upon announcement, to provide actionable information.

Performing a cost-benefit analysis for compliance measures is important, but it logically follows understanding the actual impact and what measures are required.

Before any other action, the risk practitioner must understand how the new regulatory requirement affects current IT systems, processes, and data. This impact review identifies gaps, potential non-compliance, and the scope of necessary changes, providing the foundation for subsequent mitigation strategies, cost analysis, or escalation.