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 product manager made a decision to add a feature. This wasn't part of the approved scope, and therefore not accounted for either in the budget or timeline. 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 for this launch. We made a compromise to revisit the feature for version 2. As a result, we were able to deliver version 1 on time."