Risk Management, the process of measuring the risks, controlling them and implementing measures in order to achieve the desired risk profile, is fundamental to all aspects of a bank’s activities. Due to the liberalization of financial markets, advances in technology and the various risks brought by these developments, the way that banks practice Risk Management has substantially changed during the last years. The important role that an effective Risk Management plays in ensuring banks’ profitability and continuity is widely proven. This survey was conducted to provide a status position on the extent to which Risk Management is practiced by banks in North Cyprus. The survey revealed that risk management systems in TRNC banks are relatively underdeveloped and there is a low level of awareness in banks on the importance of employing an integrated Risk Management framework. There are various gaps that demonstrate the need for developing Risk Management in TRNC banking sector and employing innovative Risk Management tools to manage the risks, non-credit risks in particular.