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Under Administration › ITAM you set asset validation and lifecycle behavior. How the page saves is described under General, Saving the Settings Pages.

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Strict Mode

The toggle controls only permissions and the visibility of buttons—the sequence of validation states is the same in both modes.
What the mode means in the workflow is described under Validating Assets.

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Validation Cycle

One field each for Critical, High, Medium, and Low: the days between recurring validations per criticality.
An empty field means no cycle. Assets of that criticality do not become due again after the first validation—unlike the ISMS risk review, where the fields cannot stay empty.