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Modern financial banks are operating in a knowledge society and they are affected by various risks. In order to enhance the efficiency of risk management in banks, this paper first discusses the implications of financial risks, knowledge and knowledge management, and then presents an integrated risk management model with knowledge management. Finally, the paper studies ways for banks to manage risks with the integrated risk management model and knowledge management. With the application of the integrated risk management model in financial banks, banks will manage risks efficiently and customers will acquire better service.