Many systems and projects that concern systems engineers, engineering managers, and business managers today can be defined as system of systems (SoS), which are described as ambiguous, uncertain and dynamic, among others. In addition to the traditional view on risk identification, analysis and management, the concept of risk should be considered with respect to these systems of systems. The purpose of this paper is to analyse both fundamental concepts and recent publications in system of systems, business and engineering management, as well as risk analysis, modelling, and management for the purpose of better describing the concept of risk with respect to system of systems. The ultimate goal is to provide engineering and business managers the necessary perspective on the concept of risk and its management for the next generation of systems – including various descriptions of risk and discussion of the relevance of properties of system of systems to sustainable management of risks in engineered systems. To achieve a truly sustainable management of risk, there has to be a change in paradigm from a traditional description of risk to that of a more holistic perspective.