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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.