The paper highlights the risk management practices as new strategies in the banking industry, as a crucial Junction in banks. Banks have necessities to manage all these risks in effective way i f they really want to achieve their target in the pre-planned manner. In the day to day operations banks face various risks; with the help o f risk management techniques, conventional as well as modern, banks can identify and manage the risk up to certain extent. This paper focuses on risk management techniques with latest developments.