An organization has been made aware of a newly discovered critical vulnerability in a regulatory reporting system. Which of the following is the risk practitioner's BEST course of action?
Performing an impact assessment is certainly an important step in the risk management process, and it may be necessary after the risk has been escalated to senior management. However, in the scenario provided, where a critical vulnerability has been discovered in a regulatory reporting system, the immediate action of escalating the risk to senior management is crucial to ensure that timely and appropriate decisions can be made to address the vulnerability and mitigate potential negative consequences. Senior management has the authority and resources to take action quickly and effectively in response to such a critical risk.
Escalation may be necessary, but it should be done after conducting an impact assessment so that senior management has a clear understanding of the situation and can make informed decisions.
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