The CIO's first step in deciding the appropriate response to the new regulatory requirement should be to consult with legal and risk experts to understand the requirements. This step is important because the legal and risk experts can provide the CIO with the relevant and accurate information about the new regulation, such as its scope, objectives, implications, and deadlines. The legal and risk experts can also advise the CIO on the potential risks and impacts of non-compliance, as well as the best practices and strategies for compliance .
The other options are not the first step in deciding the appropriate response to the new regulatory requirement, but rather subsequent steps that depend on the outcome of the consultation with the legal and risk experts.
Revising initiatives that are active to reflect the new requirements is a step that occurs after the CIO has understood the requirements and assessed their impact on the current IT-enabled business activities.
Confirming there are adequate resources to mitigate compliance requirements is a step that occurs after the CIO has identified and prioritized the actions and tasks needed to achieve compliance. Consulting with the board for guidance on the new requirements is a step that occurs after the CIO has developed and proposed a feasible and effective compliance plan.
References: : How to Respond to Regulatory Changes - Smartsheet : Regulatory Change Management: A Guide for Compliance Teams | LogicGate

Standardization is the process of establishing and applying common rules, formats, definitions, and methods for data collection, storage, processing, and exchange. Standardization is critical for enabling data interoperability, which is the ability of data to be shared and used across different systems, platforms, applications, and organizations. Standardization can help improve data interoperability by:
Enhancing the quality, consistency, and accuracy of data
Reducing the complexity and ambiguity of data
Increasing the compatibility and comparability of data
Facilitating the integration and analysis of data
Promoting the reuse and sharing of data
References:
According to the CGEIT Review Manual 2022, "Standardization is the process of developing and implementing technical standards. The goals of standardization can be to help with independence of single suppliers (commoditization), compatibility, interoperability, safety, repeatability or quality."1 According to the UN Statistics Wiki on Data Interoperability Guide2, "Standardization is a key enabler for interoperability. It allows for a common understanding of data elements across different systems and domains." According to the ISO/IEC 38500:2015 standard on Information technology - Governance of IT for the organization3, "Standardization can improve interoperability between systems within an organization or between organizations."