As this is the first step to understand the scope, objectives, and expectations of the new direction, as well as to align the IT project portfolio with the business needs and priorities. Asking business stakeholders to discuss their vision can also help identify and address any gaps or issues in the current IT project portfolio, as well as to communicate and collaborate effectively with the business units.
Canceling projects with a net present value (NPV) below a defined threshold, conducting a risk assessment against the potential new services, and starting re-allocating budget to projects involving mobile or cloud are possible actions to take after asking business stakeholders to discuss their vision, but they are not the first step.
Canceling projects with a low NPV may help free up some funds for the new direction, but it may also affect the existing or planned benefits or outcomes of those projects. Conducting a risk assessment can help evaluate the feasibility and impact of the new services, as well as identify and mitigate any threats or uncertainties.
Starting re-allocating budget can help support and enable the new services, but it may also disrupt or compromise the current or ongoing projects. These actions should be based on a clear and shared understanding of the new strategy and its implications for the IT project portfolio.

The best way for a CIO to monitor the alignment between the business and IT strategy is to regularly review the balanced scorecard. The balanced scorecard is a strategic management tool that helps to measure and communicate the performance of an organization in relation to its vision, mission, goals, and objectives. The balanced scorecard uses four perspectives: financial, customer, internal process, and learning and growth, to evaluate how well the organization is achieving its desired outcomes and creating value for its stakeholders1. The balanced scorecard can also help to align the IT strategy with the business strategy by linking the IT objectives, initiatives, and measures with the business objectives, initiatives, and measures across the four perspectives2. By reviewing the balanced scorecard regularly, the CIO can monitor the progress and results of the IT strategy, identify the gaps and issues that need to be addressed, and ensure that the IT strategy is supporting and enabling the business strategy. According to COBIT 5, one of the seven enablers of IT governance is performance management, which includes using the balanced scorecard to align IT-related goals and metrics with enterprise goals and metrics3. The balanced scorecard is also part of the IT governance domain 5: Performance Measurement4.
The other options are not the best ways for a CIO to monitor the alignment between the business and IT strategy. Key risk indicators (KRIs) are metrics that indicate the level of risk exposure or potential impact of a risk event on an organization. KRIs can help to monitor and manage IT risks, but they do not necessarily reflect the alignment of IT strategy with business strategy. IT services supporting business processes are the activities and functions that IT provides to enable and facilitate the execution of business processes.
Reviewing IT services can help to evaluate the quality and efficiency of IT delivery, but they do not capture the strategic alignment of IT with business. The risk register is a document that records and tracks the identified risks, their causes, impacts, probabilities, responses, owners, and statuses. The risk register can help to document and communicate IT risks, but it does not measure or report the alignment of IT strategy with business strategy. References := 1: Balanced Scorecard Basics - Balanced Scorecard Institute12: Aligning Business Strategy with Information Technology Strategy - ISACA23: COBIT 5: A Business Framework for the Governance and Management of Enterprise IT, ISACA, page 314: CGEIT Review Manual 2023, ISACA, page 197. : Key Risk Indicators - ISACA3 : What are IT Services? Definition & Examples - BMC Software4 :
Risk Register - ISACA