The purpose of the 'Identify the Risks' step within the recommended risk management procedure is to identify uncertainties that may impact the achievement of project objectives. This step involves recognizing potential issues and challenges that could threaten the project's success, enabling proactive management and mitigation strategies. References: PRINCE2 7 Foundation Handbook and official training materials.

The purpose of the 'Managing a Stage Boundary' process in PRINCE2 is to prepare the next stage plan and provide the project board with key information needed to make a decision on whether to continue with the project. This process involves reviewing the current stage's progress and the overall project status to ensure project viability before moving forward. References: PRINCE27 Foundation Handbook and official training materials.

The Project Manager should review the Highlight Report to report to the Project Board on the status of the project's issues. The Highlight Report provides a regular summary of the stage status, including progress against the plan and details about any issues or risks, making it the appropriate management product for communicating current issues to the Project Board.References: (PRINCE2 7 Foundation Handbook, AXELOS)

The Project Board acts as the primary communication channel between a project and corporate or programme management. This role involves ensuring that the project aligns with corporate objectives, communicating the needs and constraints of the project to higher management, and securing necessary resources and support.
References: PRINCE2 Foundation manual, PRINCE2 official resources

Stage Plans in PRINCE2are essential tools for the Project Manager, assisting in the day-to-day management and control of the project. Each Stage Plan provides the detail needed for each management stage of the project, including what work will be done, when it will be delivered, and who will be involved, thus facilitating effective project governance on a stage-by-stage basis. They do not necessarily match the duration of the Project Plan or get produced simultaneously with the Project Initiation Documentation.
References: PRINCE27 Foundation handbook and other official documents.