The first step to ensure continuity of operations when performing a risk assessment of a new service to support a new business process is to identify the conditions that may cause disruptions to the service or the process.
This is because identifying the potential sources, causes, and scenarios of disruptions helps to determine the impact and likelihood of the risks, and to select the appropriate risk responses and recovery strategies. The other options are not the first steps, although they may also be part of the risk assessment process. Reviewing incident response procedures, evaluating the probability of risk events, and defining metrics for restoring availability are examples of subsequent steps that depend on the identification of the conditions that may cause disruptions. References = CRISC: Certified in Risk & Information Systems Control Sample Questions

Risk capacity is the amount of risk that an organization can financially afford to take, without jeopardizing its ability to meet its objectives or obligations. Risk capacity is determined by factors such as the organization's income, assets, liabilities, and cash flow. An organization that has built up its cash reserves has increased its risk capacity, as it has more financial resources and flexibility to support additional risk. This may enable the organization to pursue more opportunities or initiatives that involve higher risk and higher reward.
Risk profile is a summary of the key risks that an organization faces, and their implications for the organization's objectives and strategy. Risk profile may change due to factors such as new technologies, business initiatives, or external events, but not necessarily due to changes in cash reserves.
Risk indicators are metrics or indicators that help to monitor and evaluate the likelihood or impact of a risk, or the effectiveness or efficiency of a control. Risk indicators may vary depending on the risk sources, scenarios, or responses, but not necessarily due to changes in cash reserves.
Risk tolerance is the amount of risk that an organization is willing to accept, based on its risk appetite and risk capacity. Risk tolerance is influenced by factors such as the organization's culture, values, and objectives, as well as the risk environment and expectations. Risk tolerance may change due to changes in cash reserves, but it is not the most likely impact, as it also depends on the organization's risk appetite and other factors.

The most important factor when reporting to senior management on changes in trends related to IT risk is materiality. Materiality is the extent to which the information reported is significant, relevant, and useful for decision-making purposes. Materiality helps to prioritize the most important risks and communicate them effectively to senior management12
1: Integrating KRIs and KPIs for Effective Technology Risk Management - ISACA 2: CRISC Review Manual, 7th Edition, page 271