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During final stages of testing upgraded version of core banking applications, we encountered a defect which required resolution from development team. After dev deployed the defect, I had very limited time to thoroughly retest and perform regression.

My task was to perform retesting and make sure there are no major defects after the release.

After resolution, based on my prior knowledge of the apps I grouped those testcases that had a potential impact to run automation regression to speed up the testing. While I manually tested the defects with some edge case scenarios. 

I kept the cross functional team updated about the testing progress and the risk involved if testing wasn't completed on time. 

But, I was able to mitigate the risk of not completing the testing on time and major risk of unexpected issues with the help to prior knowledge and proactive communication.

Thus, I learnt from this incident to carefully strategizing the situation and collaborative approach can help to mitigate risks.