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?
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?
When a critical vulnerability is discovered in a regulatory reporting system, the best course of action for a risk practitioner is to escalate the risk to senior management. Senior management has the authority and resources to make timely and appropriate decisions to address the vulnerability and mitigate potential negative consequences. This ensures appropriate prioritization and allocation of resources to manage the critical risk efficiently.
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.