Are you developing any Test plan or test strategy for your project? Have you addressed all risks properly in your test plan or test strategy?
As testing is the last part of the project, it’s always under pressure and time constraint. To save time and money you should be able to prioritize your testing work. How will prioritize testing work? For this, you should be able to judge more important and less important testing work. How will you decide which work is more or less important? Here comes need of risk-based testing.