'Risk' vs. 'Issue'

A 'risk' is an event that has a probability of happening with positive or adverse consequences. Therefore, a risk description will read, "If this event happens, the consequences or impact will be ____; if the event happens, I will do ____; the probability of this happening is low/medium/low; and the steps we can take to prevent the risk from manifesting is ____."

An 'issue' is an event that has happened (100% certainty!) and it has to be addressed (or a decision to de-prioritize is needed). An issue statement will read, "This event has happened, the impact in lost revenue or increases cost is ____; ____ is accountable, ____ are going to do the work and ____ need to be consulted and informed; and the deadline for resolution is ____."

This clarity is required for executing strategy; in the absence of this clarity, resources are mis-applied in unproductive meetings and in the end the real 'risk' or 'issue' may not be identified and addressed.