Here is the suggested guidance for the status of the Project Risk Health:

Your Risk Health is Green if all of these are true:

• Issues and risks are documented in a central repository
• Risks have triggers, mitigation and contingency plans for high-exposure and high-impact risks
• Risks are reviewed on a regular basis by the project manager and risk/issue owners;

Your Risk Health is Yellow if:

• Issues and risks are defined in a central repository but not reviewed on a regular basis by the project manager and risk/issue owners AND/OR…
• Risks have no mitigation and contingency plans associated with the high-exposure items

Your Risk Health is Red if:

• Issues and risks are not documented in a central repository
• Risks are not formally managed.