Hi, I am not sure what type of formula I need, perhaps a nested If formula?

Here's what I am trying to do:

I have a column called "Risk" which is a single-select field with five text options.

I have another column called "Impact" which is also a single-select field with five text options.

I want to have a third column with a formula that will give me different text/emoji results depending on the 25 possible combinations of selections in the "Risk" and "Impact" columns.

EXAMPLE: If Risk = "Very Unlikely" and "Impact" = "High; the result would be "Medium".

And... there are 24 other combinations, some which share the same result.

Is this too complicated for Notion, I am reading various things about limitations of If functions.

I REALLY appreciate all guidance on this question!!! Thanks so much. (Big hug!)