A review of the risk management literature indicates that both the definition of risk and also our understanding of the term risk management have evolved over time. Spira and Page (2003) chart in some detail the evolution of risk definitions from the pre-seventeenth century onwards. In pre-rationalism times risk was seen as a consequence of natural causes that could not be anticipated or managed, but with more modern, scientific based thinking there emerged a view that risk was both quantifiable and manageable via the judicious use of avoidance and protection strategies.