Assessing the consequences of noncompliance is the next step that should be done after determining that there are a significant number of exceptions to a newly released industry-required security standard. The information security manager should evaluate the potential impact and exposure of the organization due to the noncompliance with the security standard. The assessment should consider the legal, regulatory, contractual, and reputational implications of the noncompliance, as well as the likelihood and severity of the incidents or penalties that may result from the noncompliance. The assessment should also compare the cost and benefit of complying with the security standard versus accepting the risk of noncompliance. The assessment should provide the basis for making informed and rational decisions about how to address the noncompliance issue and prioritize the actions and resources needed to achieve compliance. Documenting risk acceptances, revising the organization's security policy, and conducting an information security audit are all possible actions that may be taken to address the noncompliance issue, but they are not the next steps that should be done. These actions should be performed after assessing the consequences of noncompliance, and based on the results and recommendations of the assessment. Documenting risk acceptances may be appropriate if the organization decides to accept the risk of noncompliance, and if the risk is within the risk appetite and tolerance of the organization. Revising the organization's security policy may be necessary if the organization decides to comply with the security standard, and if the policy needs to be updated to reflect the new requirements and expectations. Conducting an information security audit may be useful if the organization wants to verify the level of compliance and identify the gaps and weaknesses in the security controls and processes. Therefore, assessing the consequences of noncompliance is the next step that should be done after determining that there are a significant number of exceptions to a newly released industry-required security standard, as it helps the information security manager to understand the risk and impact of the noncompliance and to make informed and rational decisions about how to address it. References = CISM Review Manual
2023, page 43 1; CISM Practice Quiz 2

= An information security manager should contact the information owner after the incident has been confirmed, as this is the point when the impact and severity of the incident can be assessed and communicated. The information owner is responsible for the business value and use of the information and should be involved in the decision making process regarding the incident response. Contacting the information owner after the incident has been mitigated or contained may be too late, as the information owner may have different priorities or expectations than the security team. Contacting the information owner after the potential incident has been logged may be premature, as the incident may turn out to be a false positive or a minor issue that does not require the information owner's attention. References = 1: CISM Review Manual, 16th Edition by Isaca (Author), page 292.

A vulnerability assessment process is a systematic and proactive approach to identify, analyze and prioritize the vulnerabilities in an information system. It helps to reduce the exposure of the system to potential threats and improve the security posture of the organization. By implementing a vulnerability assessment process, the organization can facilitate proactive risk management, which is the PRIMARY benefit of this process.
Proactive risk management is the process of identifying, assessing and mitigating risks before they become incidents or cause significant impact to the organization. Proactive risk management enables the organization to align its security strategy with its business objectives, optimize its security resources and investments, and enhance its resilience and compliance.
A). Threat management is enhanced. This is a secondary benefit of implementing a vulnerability assessment process. Threat management is the process of identifying, analyzing and responding to the threats that may exploit the vulnerabilities in an information system. Threat management is enhanced by implementing a vulnerability assessment process, as it helps to reduce the attack surface and prioritize the most critical threats.
However, threat management is not the PRIMARY benefit of implementing a vulnerability assessment process, as it is a reactive rather than proactive approach to risk management.
B). Compliance status is improved. This is a secondary benefit of implementing a vulnerability assessment process. Compliance status is the degree to which an organization adheres to the applicable laws, regulations, standards and policies that govern its information security. Compliance status is improved by implementing a vulnerability assessment process, as it helps to demonstrate the organization's commitment to security best practices and meet the expectations of the stakeholders and regulators. However, compliance status is not the PRIMARY benefit of implementing a vulnerability assessment process, as it is a result rather than a driver of risk management.
C). Security metrics are enhanced. This is a secondary benefit of implementing a vulnerability assessment process. Security metrics are the quantitative and qualitative measures that indicate the effectiveness and efficiency of the information security processes and controls. Security metrics are enhanced by implementing a vulnerability assessment process, as it helps to provide objective and reliable data for security monitoring and reporting. However, security metrics are not the PRIMARY benefit of implementing a vulnerability assessment process, as they are a means rather than an end of risk management.
References =
* CISM Review Manual 15th Edition, pages 1-301
* CISM Exam Content Outline2
* Risk Assessment for Technical Vulnerabilities3
* A Step-By-Step Guide to Vulnerability Assessment4