The status of an Item is comprised of risk (High Risk, Some Risk, and On Track) and progress percentage (0 - 100%).
You can update just the risk profile or progress (percent complete) on your Item without writing a new Insight. Navigate to either the specific Item's page or to the Plan.
When you want to communicate a change to the Item's risk profile (read more about risk colors here), click the 'Edit Item status' button underneath the bar charts showing current risk and progress percentage.
Use the 'Update Item Status' pop-up shown above to then edit the risk and progress. A good practice is to enter an explanation in the comment field as to why the risk or the progress is changing.
When reviewing your Plan, you can quickly update the risk on many Items without having to navigate to the specific Item page.
On an Item tile, click the colored circle to open up a dropdown of risk options. Select one of the options in the dropdown to change the risk color for that Item.