Manufacturing systems are the core of manufacturing industries that have evolved to adapt to the ever-changing landscape. Nowadays, manufacturing systems are more frequently exposed to disturbances and risks that affect their everyday operations. Hence, it is imperative to analyze and design proactive and reactive strategies to respond to those disruptive events. While there has been an increasing interest in tackling risks from the supply chain perspective, an analysis of risks from the manufacturing system view has been neglected. Risks are broadly classified into operational risks and disruption risks. This study presents a literature review of different manufacturing paradigms and what operational risk considerations have been discussed for each stage of the manufacturing life cycle. The review further analyzes how manufacturing systems are trying to handle disruption risks. Additionally, the article maps the different manufacturing systems and the strategies implemented to the different adaptability facets. Finally, the paper discusses managerial insights and possible research avenues.