The banking industry of Macau and the world experienced a challenging period during 2008 to 2009.As a result of the global financial crisis and the subprime mortgage crisis in the US，global asset prices，credit spreads，and interest rates became hugely volatile.The collapse of Lehman Brothers and the financial crisis in Iceland disproved the investment belief that large financial institutions and countries cannot go bankrupt.Since the crisis，risk management for banks need to be more comprehensive.Supported by China’s robust economic growth，the effect of the financial crisis on the Macau banking industry was relatively mild，but banks in Macau have strengthened their risk management in loans，foreign deposits，and other financial investments.In addition to the use of credit ratings，banks need to employ other risk management tools （for example credit default swap indices and implied ratings） and to strengthen country risk management.The article will discuss some changes in bank risk management after the financial crisis.