In this paper research was carried out in order to evaluate the security risk analysis and management in banking company through the use of a questionnaire to determine the level of risk that customer of the financial institution is likely to encounter. It was discovered that though the majority of financial institution users are familiar with the possible risk associated with some banking transaction, some aspect still exists that financial institution users are not familiar with which serves as a vulnerable point that could be exploited. The study makes a recommendation for proper enlightenment of financial institution users so as to stay abreast with possible security challenge associated with some banking transaction processes to be able to mitigate possible exploit.