During the chartering process, project managers and teams should look to work together to identify and assess any negative risks that could inhibit successful project completion. Major risks that are important enough to require a formal response plan are also assigned an owner. Major risks require an owner because: a. it is the owner who is responsible for making sure that risk response plan(s) is enacted if/when necessary. b. the owner is accountable for the risk and will be responsible for any issues if it occurs. c. the owner has the budget to cover the risk if it is triggered. d. the owner of major risks is the project sponsor