Operational risk management is fast becoming an independent management discipline in its own right. As such, it is crucial for risk managers to understand the concept and make use of available management methods to ensure a streamlined management process. It is therefore imperative to implement a framework for the development of a risk management culture, the introduction of a strategic risk management process and an effective risk management governance structure. Operational risk management effectively identifies and evaluates operational risk exposures, as well as the development and implementation of control measures, the costs of risks and the continuous monitoring of processes within the business environment from a risk management perspective - communicating the relevant concepts and the implementation of a practical approach to operational risk management. Contents include the following: Recognising operational risk exposures; Formulating mitigating action plans; Allocating responsibilities for the management of action plans; Improving control measures on a proactive basis; Reducing operating losses; Improving insurance management; Ensuring accurate risk reporting and disclosure; Improving shareholder value; Becoming a risk stable organisation; Ensuring a realistic risk appetite. Operational risk management is aimed at banking, financial management and economics students, as well as organisations interested in the management of operational risk.