Explanation:
Graphical user interface, application Description automatically generated

Box 1: On each RiskStatus slider input
You can change the value based on input.
Box 2: Updateif(..)
Use the UpdateIf function to modify one or more values in one or more records that match one or more conditions. The condition can be any formula that results in a true or false and can reference columns of the data source by name. The function evaluates the condition for each record and modifies any record for which the result is true.
Reference:
https://docs.microsoft.com/en-us/powerapps/maker/canvas-apps/working-with-formulas#change-a-value-based-o
https://docs.microsoft.com/en-us/powerapps/maker/canvas-apps/functions/function-update-updateif