Comprehensive and Detailed In-Depth Explanation:

IT Governance ensures that IT strategies align with business objectives. The first step in IT governance is to define IT objectives, which guide all subsequent activities.

Option A (Identifying risk-mitigating options) is part of risk management but comes after setting objectives.

Option C (Identifying IT risk events) happens during risk assessment, not governance initiation.

Option D (Defining risk response policies) is a later stage in governance planning.

Since governance starts with setting clear IT objectives, B is the correct answer.