With the rapid development of the economy, the financial industry is constantly undergoing reforms, and various financial products and financial services are continuously innovated. While financial innovation brings opportunities to the development of the financial industry, it also creates risks. With the continuous deepening and popularization of financial innovation concepts, the degree of financial risks has gradually increased. In the process of financial innovation, how to strengthen the management of financial risks has become an important subject in the current development process of the financial industry. This article mainly explains the risks brought by financial innovation and the management measures to deal with financial risks.