* A risk management program is a systematic and structured approach to identify, analyze, evaluate, treat, monitor, and communicate the risks that may affect the organization's objectives and performance.
* The greatest advantage of implementing a risk management program is enabling risk-aware decisions.
This means that the organization incorporates the risk information and analysis into its decision making process, such as strategic planning, resource allocation, project management, etc.
* Enabling risk-aware decisions helps to optimize the outcomes and benefits of the decisions, balance the opportunities and threats of the decisions, and align the decisions with the organization's risk appetite and tolerance.
* The other options are not the greatest advantages of implementing a risk management program. They are either secondary or not essential for risk management.
The references for this answer are:
* Risk IT Framework, page 25
* Information Technology & Security, page 19
* Risk Scenarios Starter Pack, page 17

The first thing that should be done by IT governance to support the development of a new risk management plan to specifically address legal and regulatory risk scenarios is to establish IT-specific compliance objectives. Compliance objectives are the goals or targets that the organization sets to ensure that its IT activities and processes comply with the relevant laws, regulations, standards, and contracts. Compliance objectives help to define the scope, criteria, and expectations for the IT compliance program, and to align the IT compliance activities with the organization's strategy, risk appetite, and performance measures.
Compliance objectives also help to communicate and demonstrate the organization's commitment and accountability for IT compliance to the internal and external stakeholders, such as the board, management, regulators, auditors, and customers. The other options are not the first thing that should be done, although they may be useful or necessary steps or components of the IT compliance program. Requesting a regulatory risk reporting methodology, requiring critical success factors (CSFs) for IT risks, and communicating IT key risk indicators (KRIs) and triggers are all activities that can help to implement and monitor the IT compliance program, but they require the prior definition and agreement of the IT compliance objectives. References = Risk and Information Systems Control Study Manual, Chapter 2, Section 2.4.1, page 2-37.

Section: Volume D