I would use text multiple choice fields for

**[Risk Impact] **and

**[Risk Probability] **both talking values "1", "2", "3" or "4". Then

**[RAG Status] **field would be a text formula field taking values "G", "R" or "A" with the following formula:

If([Risk Impact] = "1" and ([Risk Probability] = "1" or [Risk Probability] = "2" or [Risk Probability] = "3")

or

[Risk Probability] = "1" and ([Risk Impact] = "2" or [Risk Impact] = "3"),

"G",

If([Risk Impact] = "3" and [Risk Probability] = "4")

or

[Risk Impact] = "4" and ([Risk Probability] = "3" or [Risk Probability] = "4"),

"R"

),

"A"

)

To the extent you also need text labels for any of these fields you can use a

** Case()** function to generate them. For example:

Case([Risk Impact],

"1", "Insignifigant"

"2", "Signifigant",

"3", "Critical",

"4", "Catastrophic"

)