Hi @Charday ,
Please follow these steps:
(1)Create a measure to calculate the number of risks per project.
Number of risks = CALCULATE(COUNT(Risk[ID]),FILTER(ALL(Risk),Risk[Project ID] = MAX(Project[ID])))
(2) Create a calculated column to determine whether the project is at risk
ISRISK = IF([Number of risks]>0,"RISK","NO RISK")
(3) Final output
If this post helps, then please consider Accept it as the solution to help the other members find it more quickly.