According to the 'continued business justification' principle of PRINCE2, if a project can no longer be justified - meaning it no longer meets its original or updated justification for a viable return on investment
- the funds allocated to it should be returned to corporate, programme management, or the customer. This ensures that resources are not wasted on unjustifiable projects.
= PRINCE2 7 Foundation handbook and online resources

PRINCE2 recommends three levels of planning (Project Plan, Stage Plan, Team Plan) to reflect the needs of different levels of management involved in a project. Each plan serves a specific management purpose and addresses the needs of different management levels within the project. References: PRINCE2 Foundation official documentation and study materials.

A risk event in PRINCE2 is described as the area of uncertainty in terms of the threat or opportunity. It specifically refers to a specific set of circumstances that may occur and impact the project if the risk materializes. This description encapsulates the nature of a risk as being either a potential threat or an opportunity based on uncertain events that might affect project objectives.
PRINCE2 7 Foundation handbook and official documents.

Before the Starting up a Project process begins, corporate or programme management should provide sufficient information to identify the prospective Executive. The Executive is a key role within the project board, responsible for overall project direction and management. References: PRINCE2 Foundation Training Manual; PRINCE2 2017 Foundation handbook.

To know whether the response to a threat has been actioned, the project manager should review the Risk Register. The Risk Register contains details about each identified risk, including the planned responses and their current status. It provides a comprehensive overview of how risks are being managed and whether the responses have been implemented as planned.
(PRINCE2 7 Foundation Handbook, AXELOS)