What is the correct procedure to follow in the event of a telephone bomb threat?

In the event of a telephone bomb threat, you should:

• Record, as near as possible, everything the caller says

This is the correct procedure because gathering information about the threat is crucial for law enforcement and security personnel. Hanging up or transferring the call immediately would prevent you from collecting vital details.

The final answer is $\boxed{\text{Record, as near as possible, everything the caller says}}$