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The process that ensures key roles and responsibilities are allocated before a decision is made to initiate a project is 'Starting up a Project'. This process is crucial as it involves the appointment of the project management team and ensures that there is a clear understanding of the project's initial structure and approach before formally initiating the project.References: PRINCE2® 7 Foundation handbook and documents.

Setting tolerances for the three levels of plan (project, stage, and team) in PRINCE2® applies the principle of 'manage by exception'. This principle enables efficient use of management time by focusing on deviations from the plan only if they exceed predefined tolerances, rather than managing every small detail. References: PRINCE2® Foundation Handbook, Manage by Exception section.

The purpose of the Risk Register in PRINCE2® is to act as a central record of information relating to the identified risks for the project. It includes details about each risk such as their description, probability, impact, and countermeasures. The register helps in monitoring and controlling risks efficiently throughout the project lifecycle.References: PRINCE2® 7 Foundation handbook and documents.

The Initiation Stage Plan specifies how the project board should approve management products produced during the 'initiating a project' process. It sets out the plan for the initiation stage, detailing the management and control of this stage, including how deliverables are to be reviewed and approved.References: PRINCE2® 7 Foundation Source: PRINCE2® Foundation handbook and online resources