Senior management has requested more information regarding the risk associated with introducing a new application into the environment. Which of the following should be done FIRST?

An audit typically assesses compliance or the effectiveness of existing controls against established standards, which is a post-implementation or mature-state activity, not the first step for understanding new risks.

A risk analysis is the foundational activity that identifies potential threats, vulnerabilities, and the likelihood and impact of adverse events associated with the new application. This process systematically evaluates the risks before any other action, providing the necessary information for senior management to make informed decisions.

Developing risk scenarios is part of a broader risk analysis or assessment, but the overarching first step is to conduct the full analysis to identify and quantify the risks first.

A cost-benefit analysis might be performed after a risk analysis to evaluate potential mitigation strategies, but it doesn't provide the initial risk information requested by management.