Advances in technology in recent years have been accompanied by an increasing number of hazards and failures. Risk has therefore become an issue of growing concern[1]. This article reviews the literature on risk from a systems perspective. Systems thinking is characterized by its holistic approach to problem solving while analytical methods used in risk assessment can be viewed mainly as reductionist. Although there is little agreement over a definition of “risk” the notion of probability is central to all risk assessment techniques identified in the literature, although the interpretation of probability depends on whether it is viewed objectively or subjectively. First the most cited methods for managing risk together with other related theories will be critically examined. The concepts used will then be classified according to their systemic properties. Finally a “systems approach to failure”[2] will be briefly described and it is suggested that the use of this method could provide the risk manager with a valuable tool