You might find that certain types of content often need to be approved by the same group of people. Rather than having to add each approver one by one, Approval teams allows you to group approvers into teams
Approval Teams can only be added by a Space Admin

To create an :
Head to Space Settings > Content Tools > Approvals
Under the Teams heading, click create a team to add a new team
This should open up a form. Simply add the name of the team, a description and add the required approvers.
Click create and the new team will be added to the approval team list

To update an approval team:
Under the Teams list, find the team you would like to change and click on the associated ellipses
This should open up a form similar to the one made for creating the team
Make the required changes and click Update