You are overseeing an infrastructure retrofit project when you receive an alert that a critical software component might not arrive on time due to logistical delays. Considering the complexity and innovations present in the project, what should be your FIRST action in harmony with the 'Monitor Risks' domain to ensure an appropriate response to this scenario?
Organize a project halt to conduct a new risk assessment workshop with all stakeholders.
Seek a new software vendor.
Free up resources for another project phase while waiting for the software component to arrive.
Reassess the risk status by reviewing the risk register and risk report.
The first action should be to review the relevant risk management documents, specifically the risk register and risk report, to evaluate the current risk status and implement necessary updates based on the new information received. This must be carried out in consideration of the project management plan, particularly how new risks are addressed. Promptly updating these documents is critical for effective risk monitoring and response, enabling a well-informed management decision.
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