Competition in the banking industry is stiff. Banks are increasing their investment in technology and do a series of technological innovations in order to stay in their current position and avoid being left behind by their competitors in technology area. This sense of urgency could lead to technology related risk exposure if they fail to implement proper risk management measure. This study determined the risk management practices adopted by the top three universal banks in the Philippines. The study was conducted between November 2004 and January 2005 within Metro Manila. Descriptive research design was used, primarily the survey method. The study used questionnaire as its instrument for data gathering. The questionnaire was distributed randomly among the branch heads within Metro Manila. The questionnaire was divided into four parts. The first part of the questionnaire dealt with respondent's profile. Second part focused on the extent of implementation ot technological innovations. Third part focused on the risk management practices of the banks. And the last part focused on the possible problems encountered by the banks.