As a business analyst this is something that you will face on a daily basis. Fully understanding these terms is crucial for securing this job. Risk refers to something that can be forecasted and handled by creating mitigation plans. Risk that happened is called Issue. There will be issue management or contingency management to solve issue. As a business analyst you will not be solving the issue, but rather trying to make Damage control and use the knowledge gained as a learning experience for projects in the future.