This study investigated the relationship between financial risk management and the financial performance of commercial banks in Uganda, using Centenary Bank Mukono Branch as a case study. Prompted by concerns about the increasing complexity of financial risks confronting Ugandan commercial banks and the inconsistent financial performance reported by the banking sector between 2018 and 2023, the study employed a cross-sectional design with quantitative and qualitative approaches to examine how credit risk management, liquidity risk management, and operational risk management influenced the bank's return on assets (ROA), return on equity (ROE), and net interest margin (NIM). Data were collected from 95 bank staff, including branch management, credit officers, and operations personnel, using structured questionnaires. Findings revealed significant positive relationships between all three risk management dimensions and financial performance indicators. Multiple regression analysis showed that credit risk management, liquidity risk management, and operational risk management collectively explained 67.3% of the variance in financial performance (R² = 0.673, F = 38.94, p < 0.001). Credit risk management emerged as the strongest predictor (β = 0.412, p < 0.001). The study concluded that robust financial risk management is a critical driver of financial performance in Ugandan commercial banking and recommended strengthened risk governance frameworks, enhanced credit appraisal systems, and greater investment in technology-driven risk management tools.