Might happen, or happening?
A risk is uncertain and in the future. An issue has already happened. They need different responses, and risks need them sooner.
Risk
Might Happen
Probability × impact.
Respond: reduce it, avoid it, share it or accept it knowingly.
Issue
Has Happened
It's already hurting.
Respond: resolve it or escalate it. Now.
The trigger
Risk To Issue
“If the licence isn't renewed by the 1st…”
Agree the point where a risk becomes an issue.
Risks need owners before they become issues.