This chapter seeks to ascertain the influence of the internal control effectiveness system on financial technology, specifically examining the moderating role of risk management within commercial banks. To fulfill the aims of the research, an analytical descriptive methodology was employed. The study’s population comprised employees working in commercial banks, and data were gathered through the administration of a questionnaire. A total of 321 questionnaires were analyzed, representing approximately 85.6% of those distributed, thereby rendering them appropriate for the chapter’s objectives. The findings indicated that the internal control effectiveness system in commercial banks operates at a high level, while the level of financial technology is assessed as moderate. Furthermore, the risk management variable was found to moderate the relationship between the internal control effectiveness system and financial technology, accounting for 12.2% of the total variance. Additionally, the results revealed a statistically significant impact of the internal control effectiveness system—along with its dimensions of control and supervision, control environment, and supervisory activities—on financial technology, which includes its dimensions of payment technology, financial control technology, and investment technology within commercial banks. In light of these findings, several recommendations were proposed, with the foremost being that commercial banks should prioritize attention to the control environment due to its crucial role in maintaining the stability of the financial system and safeguarding the interests of stakeholders, thus establishing it as an integral component of the banks’ operations in a sustainable and secure manner.