The Risk Management Approach in PRINCE2 must include, at a minimum, a description of the risk management procedure. This description outlines how risks will be identified, assessed, and controlled throughout the project, ensuring that risk management is systematic and effective. References: PRINCE2 7 Foundation Handbook and official training materials.

The expected success level for benefits, time, cost, quality, scope, sustainability, and risk in a project should be set by the project baseline. The baseline establishes the initial scope of what the project is expected to deliver, including standards and targets against which project performance can be measured.References:
PRINCE2 7 Foundation sources on project planning and control.

In the PRINCE2 customer/supplier environment, it is typically the customer's responsibility to specify the desired result of the project. This responsibility involves defining what the project should achieve in terms of outcomes and benefits, aligning with the customer's business objectives. References: PRINCE2 Foundation official study materials.