RAG Status; What does good look like?

As Sergio and Kiron mentioned, it depends!

It depends on the purpose of the reporting, maturity of the organization and it might change.

Consider the extremes of 100% green or 100% red or even 100% amber. If you look at the portfolio you want to identify the projects you need to take action on.

It’s called an indicator to indicate something.
If it shows all green you have a big problem and are blindsighted.

The first thing you need to do is define Red Amber and Green. That itself can be very contentious. Sometimes Red is off-plan with no recovery plan, amber/yellow is off-plan with recovery plan in place, and green is proceeding on plan. That masks the actual risk level though.

Is a late deliverable because one person is out sick for a day with no ECD really red? You will sometimes hear the phrase, "This feels more yellow than red." Risk based stoplight colors need more well defined criteria. What is red at an individual team level is different than what is red perceived by the C-suite.