Abstract: Under the dual pressures of policy mandates and market competition, Chinese technology enterprises are accelerating their digital transformation. However, this process also exposes firms to increasingly complex and latent technological and operational risks, making digital risk management a crucial factor for their sustainable development. Based on annual firm-level panel data of 7,100 observations from the CSMAR and CNRDS databases spanning 2018 to 2024. Moreover, this study systematically examines the mechanism through which digital transformation influences digital risk management, with a specific focus on the mediating role of green innovation efficiency and the moderating effect of digital twin adoption. Utilizing a moderated mediation model, the findings reveal that digital transformation significantly enhances enterprises' digital risk management capabilities, with green innovation efficiency serving as a key mediating factor between the two aspects. Additionally, Further analysis indicates that digital twin technology strengthens this mediating pathway—specifically, the effect of digital transformation on risk management through green innovation efficiency is more pronounced in firms with a higher degree of digital twin implementation. These insights not only deepen the theoretical understanding of the relationship between digital strategy and risk governance but also provide practical managerial implications for technology enterprises in emerging economies that seek to balance innovation, security, and resilience during digital upgrading.