Source: (2001) Punishment and Society: The International Journal of Penology. 3(2): 203-220. Reprinted in Restorative Justice. Declan Roche (2003), ed. Pp. 469-486. The International Library of Essays in Law & Legal Theory, Second Series. Aldershot, Hants, England: Dartmouth/Ashgate.This article explores the implication of shifts in the way in which security and justice are being conceived. It argues that the emergence of a logic of risk is refiguring the way in which punishment is being used as a tactic of governance. Author's abstract.