Introduction: The Financial sector is one of the professional sectors most deeply affected by digitalisation. The financial sector which is keeping pace with this technological change, faces various risk on the one hand, and on the other hand it is on the verge of great opportunities. Aim: This study aims to examine financial risk and strategic financial risk management tools in the digital world, as part of the transformation and vision for the future that has led to fundamental changes in the financial sector as a result of technological advances an digitalisation. Methodology: The study analysed the scientific studies carried out in the relevent field and then evaluated the findings of these studies. The aim of this method is to comprehensively review the existing literature of evaluate the result of the relevant studies from a broad perspective. Finding: The study found that digital transformation has a significant impact on financial risk management, bringing with it complex challenges such as cybersecurity risks and technology investment risks. Originality and value: The analysis evaluates the relationship between digitalization and financial risk management, leading to a transformative impact based on efficiency.