I’m not sure if I understood your question, but in my opinion you can work with the conditional colouring and don’t have to work with the formula.
You can use the conditional colouring in monday.com to select a column “Risk level” and define there when which colour should be set.
Finally, you must save the colouring as a new view, otherwise the selection will be lost. You can do this at the top right (marked yellow).
If you want to use this new view as the standard view, you have to set it up.
(see second picture)
Thanks you, that’s perfect . I had found the conditional formatting feature but your explanation has helped me understand how to use it. Appreciate your help.