When the status of your Project doesn't require risk to be tracked or flagged for others, remove it by disabling it in the Project's Status Settings.
First, navigate to your Project.
Select Status Settings from the gear drop-down:
Then, check the box that says 'No risk color on status':
Note that you can also turn off the status percentage (and only use the Metrics you've added) as well as enabling your Metrics (and their changes) to show up on your Insights.