Conditional Format of Word Content Control Drop down box

[macropod]

It's not clear whether you want to colour the: (a) content control's background; (b) font; or, perhaps (c) table cell that the content control is in.

For a:

Private Sub Document_ContentControlOnExit(ByVal ContentControl As ContentControl, Cancel As Boolean)
With ContentControl
  If .Title = "Risk" Then
    Select Case .Range.Text
      Case "High": .Range.Font.ColorIndex = wdRed
      Case "Medium": .Range.Font.ColorIndex = wdYellow
      Case "Low": .Range.Font.ColorIndex = wdBrightGreen
      Case Else: .Range.Font.ColorIndex = wdAuto
    End Select
  End If
End With
End Sub

For b:

Private Sub Document_ContentControlOnExit(ByVal ContentControl As ContentControl, Cancel As Boolean)
With ContentControl
  If .Title = "Risk" Then
    Select Case .Range.Text
      Case "High": .Range.Shading.BackgroundPatternColorIndex = wdRed
      Case "Medium": .Range.Shading.BackgroundPatternColorIndex = wdYellow
      Case "Low": .Range.Shading.BackgroundPatternColorIndex = wdBrightGreen
      Case Else: .Range.Shading.BackgroundPatternColorIndex = wdNoHighlight
    End Select
  End If
End With
End Sub

For c:

Private Sub Document_ContentControlOnExit(ByVal ContentControl As ContentControl, Cancel As Boolean)
With ContentControl
   If .Title = "Risk" Then
    Select Case .Range.Text
      Case "High": .Range.Cells(1).Shading.BackgroundPatternColorIndex = wdRed
      Case "Medium": .Range.Cells(1).Shading.BackgroundPatternColorIndex = wdYellow
      Case "Low": .Range.Cells(1).Shading.BackgroundPatternColorIndex = wdBrightGreen
      Case Else: .Range.Cells(1).Shading.BackgroundPatternColorIndex = wdNoHighlight
    End Select
    End If
End With
End Sub

Whichever version you want to use should be saved to the 'ThisDocument' code module of the document or it's template. The file will need to be saved as a macro-enabled file (dotm template or docm document). It's also possible to combine changes in font colour & background shading.