IF cell ISBLANK/"", then use alternative IF function

Hi and welcome to the forum

Maybe

Formula:

=IF(A1<>"",A1,IF(A2="no","Not Required", IF(A2="yes", "Required")))

or because you don't have any False parameters pehaps

Formula:

=IF(A1<>"",A1,IF(A2="no","Not Required",  "Required"))