An organization changes its corporate strategy, which results in several new key strategic elements. In response to this change, which action should the portfolio manager take first?

A readiness assessment evaluates the organization's ability to implement a defined strategy and can only be performed after the new strategic management plan exists.

Communicating to stakeholders is premature until the new strategic management plan is developed, as there is no accurate or approved information to communicate.

Updating the portfolio risk register is a downstream activity that requires the new strategic management plan as an input to identify and assess risks against the revised strategy.

Developing a new strategic management plan is the first required action because it establishes the updated strategic direction, goals, and priorities that all downstream activities - including readiness assessments, stakeholder communication, and risk updates - must align to before they can be meaningfully executed.