OpenWater defines a round as one of two possibilities

A Submission + Judging round means that applicants submit and then there is a judging of those submissions. A Judging Only round means that those submissions are judged a second time or third time, typically because finalists were determined or perhaps there is a different set of judges.

To add another round to your existing program, first navigate to your program.

Under your Program Settings drop down menu, click Workflow.
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Click Add Round.
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Provide a name for your round and choose between Submission + Judging or a Judging Only round.

Your round structure is important because it allows you to build complex workflows. Most programs are one round only, or one submission + judging round followed by a judging only round. But you may have a requirement that has finalists returning to their applications to provide additional information on their submission in order to compete in a final round. That would be another submission + judging round. You can combine submission + judging and judging only rounds to accommodate almost any workflow.