During the execution phase of a project, you realize that an unexpected regulatory change will impact the project deliverables. According to company policy, all changes must align with the project's methodology. As a PMP, what is your best immediate next step in executing the change management strategy?
Adjust the project's scope and schedule to comply with the regulatory change.
Communicate the regulatory change to the Change Control Board for assessment according to the established change management plan.
Inform the project team to halt all current activities until further notice.
Continue with the execution as planned and deal with the regulatory change after project completion.