After submission to the regulatory authority, a substantial error was found in the application. In order to resolve this issue, what should be done FIRST?

The first step in addressing a substantial error found in a submitted application should involve verifying the procedure outlined in the relevant regulations for making corrections. This action ensures that the next steps taken align with regulatory requirements, and it allows the team to understand the specific processes that must be followed to amend the submission. By checking the regulations first, the team can ascertain the correct protocols for corrections, whether it involves resubmitting certain parts of the application or following a specific communication process with the regulatory authority.

Taking this careful approach minimizes the risk of further errors and ensures compliance with the regulatory framework. After understanding the correct procedure, subsequent actions, such as notifying upper management, involving the legal department, or resubmitting the necessary documentation, can be handled in a structured manner informed by the regulatory guidelines.