You bring up a really good point where you say that a project leader or risk leader develop a strong connection to the project, and therefore continue on with something that is too risky. I think that this a very valid scenario, and even though it might not occur often, when it does happen it might be detrimental to someones career or a company. I am honestly not sure to what happens to these projects, but I do have a solution to prevent this. I believe that it is important to have meetings with another risk specialist, a person who is contracted from the outside, who can give an unbiased objective opinion on weather the project should be continued or not.