Abstract: We suggest thinking about the beginning and ending of wars as an exercise in risk management. We argue that states, like individual citizens, must accept that some degree of security risk is inevitable when coexisting with others. We offer two principles for the just management of military risk. The first principle is Morally Justified Bearable Risk, which demands that parties at war temper their claims of justice with the realities of an anarchic and conflicted international system. The second principle, Minimum Consistency toward Risk, mandates that states generally not weigh security threats higher than risks from other sources.