My bp is 118/86. What are the risks for this result? Thank you.

Short term/long term. This is not an ER visit or you'll stroke level. It's a do something about it or you'll likely face complications in a decade or two that could include heart problems, kidney & vision problems. Half of those over 50 need meds to keep their BP in a healthy range, some earlier, some can get by with diet/behavior change. .
Hypertension. There are forms of hypertension (HTN) which are primarily diastolic HTN (lower number). A diastolic BP over 80 is considered elevated. If the measurement is done correctly and is measured elevated on 3 separate occasions, it is considered as true HTN. The measurement can be done at home and should also be correlated with measurements in a clinic. Seeking assistance of your PCP is recommended.