Not even sure this is possible, If The first col is False the next is true and the next is False, then the result should be Risk, however, if the first col is false and the next is True and the next is true then the result would be No Risk, so

a Tick is equal to True, and the checkboxes have been attached to each cell.
I have

=IF(AND((W3="FALSE"),(X3="TRUE"),(Y3="FALSE")),"Risk",IF((W3="FALSE"),(X3="TRUE"),(Y3="TRUE")),"No Risk")))


Screenshot_8.jpg