Tell me about the most notable risk you have identified in a project?

"My most memorable example of risk management is the first time I encountered scope creep in a software development project. The development team had an internal meeting without my knowledge and the lead developer made the decision to add a feature. Unfortunately, this wasn't part of the original plan and therefore wasn't budgeted. Once I found out, I reviewed the requirements with the lead developer right away and we identified that we couldn't afford the time and money it would take to implement this feature. We made a compromise to revisit the feature for version 2. As a result, we were able to deliver version 1 on time."