A bank recently incorporated Blockchain technology with the potential to impact known risk within the organization. Which of the following is the risk practitioner's BEST course of action?

Determining if risk responses are adequate is a consequence of analyzing controls; you need to understand the control effectiveness first before assessing the overall response adequacy.

Incorporating new technology like Blockchain changes underlying processes and potentially introduces new threats or alters existing vulnerabilities, requiring a re-evaluation of how current controls function and if they remain effective. Analyzing and updating control assessments directly addresses the impact of new technology on the entire control environment, ensuring their continued adequacy for mitigating risk.

Analyzing the risk and updating the risk register is important, but it's a broader step. Updating control assessments is more specific to how the new technology affects the existing risk posture and mitigation efforts.

Conducting testing of existing controls is part of the validation process, but before testing, the practitioner needs to analyze how the new technology might have changed the controls' relevance or effectiveness.