This paper examined the risk management practices among deposit money banks in Nigeria with a view to relating these practices to their financial performance in the 2012 financial year. The study used secondary data gathered through content analysis of the sampled banks' annual reports and accounts on variables such as non-performing loans, liquidity, operating cost and capital adequacy to measure risk management practices. The cross sectional data obtained was analysed using descriptive statistics to depict patterns. Thereafter a robust standard error, OLS regression was used to estimate any significant influence between the banks' risk management practices and their financial performance. The findings appear to be largely consistent with previous works as the explanatory variables significantly accounted for variations in the financial performance [ROA-92% (71.78); ROE-84% (46.55)] in both models