Iteration is an important design process that novice designers struggle to follow. However, iteration is difficult to coach because we do not understand the underlying metacognitive knowledge required for effective iteration. We developed the Design Risks Framework, which helps researchers to identify the knowledge underlying three metacognitive processes that control iteration: focusing attention on key areas of the project, identifying project risks, and choosing iterative strategies to mitigate risks. We tested the framework over a 6-week period with 5 novice design teams and found that novices seemed to lack metacognitive knowledge of 49 criteria for identifying project risks. By using this framework to diagnose knowledge gaps and design coaching interventions, educators and managers can improve how novice designers iterate in design projects.