The correct answer is 'Conduct an impact analysis' because it is a practice that helps determine the potential implications of the change on the organization's systems and security posture. An impact analysis will review how the proposed update will interact with existing systems, identify any potential risks or conflicts, and help plan to mitigate them before the change is implemented. 'Reviewing the backout plan' is performed later and is associated with preparation for potential rollback in case the update causes issues. 'Consulting the stakeholders' is important but not the first step, as they would require the impact analysis to assess the change effectively. 'Updating policies/procedures' is premature at this stage, since it's necessary first to understand the effects of the changes on the current policies and procedures.