The best course of action for the CIO in this scenario is to identify business risk appetite and tolerance levels. Risk appetite is the amount and type of risk that an organization is willing to pursue, retain, or take in order to achieve its strategic objectives. Risk tolerance is the acceptable level of variation from the risk appetite. By identifying the business risk appetite and tolerance levels, the CIO can align the IT strategy and operations with the business goals, needs, and expectations, and ensure that the IT risks are managed within the acceptable boundaries. Identifying the business risk appetite and tolerance levels can also help the CIO to communicate and justify the IT decisions and actions to the senior management, board, and stakeholders, and to balance the costs and benefits of IT investments and initiatives. According to CPG 235 - Managing Data Risk, "The adequacy of data controls in ensuring that a regulated entity operates within its risk appetite would normally be assessed as part of introducing new business processes and then on a regular basis thereafter (or following material change to either the process, usage of data, internal controls or external environments)."

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This is because performance metrics are measurable values that indicate how well the IT assets are performing in terms of functionality, quality, efficiency, and effectiveness1. By implementing performance metrics for key IT assets, the organization can:
Monitor and review the IT assets' progress, performance, quality, and outcomes Highlight the IT assets' achievements, challenges, and opportunities Demonstrate the alignment of the IT assets with the IT strategy, goals, and priorities Provide recommendations and feedback for the IT assets' improvement and adjustment Implementing performance metrics for key IT assets can help the organization determine the contribution of IT assets in achievement of IT goals, and ensure that they deliver value to the business.
The other options, establishing the span of control during the life cycle of IT assets, determining the average cost of controls for protection of IT assets, and comparing the performance of IT assets against industry best practices are not as beneficial as determining the contribution of IT assets in achievement of IT goals for implementing performance metrics for key IT assets. They are more related to specific aspects or outcomes of IT asset management, rather than a holistic and strategic benefit. They may also not be relevant or applicable to all types or categories of IT assets. They may not address the full scope or potential of IT asset improvement and optimization. References := What Is an IT Asset Management KPI? | Filewave, Performance Measurement Metrics for IT Governance - ISACA

This is because calibrating and scaling delivery of IT services means adjusting and optimizing the IT service portfolio, processes, and resources to meet the changing and diverse needs and expectations of the business1. By following this approach, the large enterprise can:
Align IT services with business strategy, objectives, and priorities1
Enhance IT service quality, efficiency, and effectiveness1
Improve IT service agility, flexibility, and responsiveness1
Reduce IT service costs, risks, and waste1
Increase IT service value, satisfaction, and innovation1
Calibrating and scaling delivery of IT services can help the large enterprise revamp its IT services in a way that supports and enables the business success.
The other options, addressing gaps within the management of IT-related risk, focusing on business innovation through knowledge, expertise, and initiatives, and adhering to on-time and on-budget IT service delivery are not as appropriate as calibrating and scaling delivery of IT services for a large enterprise to follow when revamping its IT services. They are more related to specific aspects or outcomes of IT service management, rather than a holistic and strategic approach. They may also be too narrow or rigid for a large enterprise that needs to adapt and evolve its IT services to the dynamic and complex business environment. They may not address the full scope or potential of IT service improvement and transformation.