Project Issue or Risk Status in Project Center

Hi All,

Our management is requesting to show the project issue and risk status in project center based on the  severity of the issues / risks which is created in the project workspace/site. How to achieve this.

If I create the custom filed with the values High, Medium, Low and graphical indicators. and set the custom filed value using PSI, based on the issue / risk severity which is created in project site and show the graphical indicator in project center view . Will this work?

OR is there any other method available.

Thanks in advance, Taj