Yes, and there isn’t any “official” process.
The closest thing to an “official” process is when the different dictionaries decide to add a word or new definition of a word to their dictionaries. But that’s just the people who run them deciding to add the words, not some sort of “official” decision. And sometimes the dictionaries disagree with each other.
But every year new words/slang are added to dictionaries.
Like I would bet “Rizz” will get added soon enough.
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