The CTO should first understand the enterprise's risk tolerance before assessing the impact of wearable technology. This will help the CTO to align the assessment with the enterprise's objectives, culture, and appetite for risk. The other options are important steps in the assessment process, but they are not the first ones. Creating an IT risk scorecard and prioritizing wearable technology risk require a clear understanding of the enterprise's risk tolerance, which is the basis for defining risk criteria and thresholds. References := ISACA, CGEIT Review Manual, 7th Edition, Chapter 2: Strategic Management, Section 2.3: Risk Optimization, p. 63-64.

The CIO should first meet with key stakeholders to understand their concerns about the IT governance reporting transparency. This will help the CIO to identify the root causes of the perception, the expectations and needs of the stakeholders, and the gaps and issues in the current reporting process. Meeting with key stakeholders will also help to build trust and rapport, and to solicit feedback and suggestions for improvement.
The CIO can then use this information to develop a communication and awareness strategy, adopt a standard template, and add transparency metrics to the balanced scorecard. These actions will help to enhance the transparency, consistency, and quality of the IT governance reporting, and to address the stakeholder concerns effectively. References := How Boards Realise IT Governance Transparency: A Study Into Current Practice of the COBIT EDM05 Process, Page 1.