Crossword Genius

Flag of many colours (4)

Ross

I believe the answer is:

iris

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'flag' is the definition.
(type of iris flower)

I don't understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for iris that I've seen before include "One controlling pupil' s reactions" , "bloomer?" , "pupil's governor" , "Woman" , "Flag or flower in the eye" .)

I've seen this clue in The Globe and Mail.
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