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Mark parent row at risk if any child row is at risk?

This would seem to be a "project settings" sort of thing, but i can't find it. Is there a formula that can accomplish this?
Comments
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Using the Status Column. Parent Row
=IF(COUNTIF(CHILDREN(), "At Risk") > 0, "At Risk", "XXXX")
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You could also make the Parent a % Complete unless a child is 'At Risk'.
=IF(COUNTIF(CHILDREN(), "At Risk") > 0, "At Risk", (COUNTIF(CHILDREN(), "Completed") / COUNT(CHILDREN())))
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Using a Flag Column
Child Row Formula:Β =IF(Status4 = "At Risk", 1, 0)
Parent Row Formula: =IF(COUNTIF(CHILDREN(), 1) > 0, 1, 0)
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RYG Layered Formula: If this row has child rows, then default to green unless it has a red or yellow child row. If it does, it will become red or yellow (red with higher priority).
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Β If it doesn't have children, turn green if Done checkbox is checked or if this task hasn't been touched yet. Turn yellow when the end date approaches in the next 7 days. Turn red if we're past the end date and complete isnt checked."
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-=IF(COUNT(CHILDREN([Task Name]8)) > 0, IF(COUNTIF(CHILDREN(), "Red") > 0, "Red", IF(COUNTIF(CHILDREN(), "Yellow") > 0, "Yellow", "Green")), IF(Done?8 = 1, "Green", IF(ISDATE([End Date]8), IF([End Date]8 < TODAY(), "Red", IF(NETWORKDAYS(TODAY(), [End Date]8) <= 7, "Yellow", "Green")), "")))
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Oh my - I'll give a pre-emptive thank you. It may take some time to get through this.