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 Reviewing the new standard for applicability to the business is the first course of action, as it helps to understand the changes, gaps, and impacts of the revision on the organization’s security posture, compliance status, and business objectives. Evaluating the cost of maintaining the certification, modifying policies to ensure new requirements are covered, and communicating the new standard to senior leadership are important steps, but they should be done after reviewing the new standard for applicability to the business.

References = CISM Review Manual 2022, page 361; CISM Exam Content Outline, Domain 1, Task 1.2

= Standardization of compliance requirements is the best approach to reduce unnecessary duplication of compliance activities, as it allows for a common understanding of the objectives and expectations of various stakeholders, such as regulators, auditors, customers, and business partners. Standardization also facilitates the alignment of compliance activities with the organization’s risk appetite and tolerance, and enables the identification and elimination of redundant or conflicting controls. References = CISM Review Manual, 27th Edition, page 721; CISM Review Questions, Answers & Explanations Database, 12th Edition, question 952

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The most influential factor on an organization’s response to a new industry regulation is the organization’s risk appetite. This is because the risk appetite defines the level of risk that the organization is willing to accept in pursuit of its objectives, and it guides the decision-making process for managing risks. The risk appetite also determines the extent to which the organization needs to comply with the new regulation, and the resources and actions required to achieve compliance. The risk appetite should be aligned with the organization’s strategy, culture, and values, and it should be communicated and monitored throughout the organization.