Which of the following should be performed first when creating a BCP to ensure that all critical functions and financial implications have been considered?

A failover test is a component of validating the BCP and disaster recovery plan, performed after the plan has been developed and implemented, not as the first step.

A tabletop exercise is a testing and training activity for a BCP, conducted after the plan's development to ensure personnel understand their roles and the plan's procedures.

Security policies provide a framework for security measures across an organization but do not directly address the identification of critical business functions and their specific financial/operational implications for continuity planning.

A Business Impact Analysis (BIA) is the foundational step for a BCP; it systematically identifies critical business functions, assesses the impact of disruptions on these functions, and determines recovery time objectives (RTO) and recovery point objectives (RPO), thereby informing all subsequent planning decisions.