A risk is an uncertain event that may impact a project in the future, whereas an issue is a risk that has already happened and will impact the project. The following table summarizes the differences.
| Risk | Issue |
| An uncertain event that may occur | A risk that has already occurred |
| May impact the project | Will impact the project |
| Focused on the future | Focused on the present |
| Can be positive or negative | Will always be negative |
| Is documented in the Risk Register | Is documented in the Issue Log |
| Has a risk owner | Has an issue owner |