MRI/MRCP abdomen with and without contrast is a reasonable test to further characterize pancreatic cysts/cystic lesions. Pancreatic cystic lesions can represent pseudocysts (if history of pancreatitis or trauma), sidebranch IPMN (benign), serous cystic neoplasm (benign), or mucinous cystic neoplasms (not benign). It is helpful to include MRCP sequences for better evaluation of biliary and pancreatic ducts.
Elevated lipase levels are suggestive of pancreatitis, but like any lab value should be interpreted in conjunction with clinical symptoms. Your doctor will be able to help piece this all together.