Scandizzo highlights the requisite set of skills and competences that a successful operational risk manager must possess and discusses the key requirements of the role, such as how to: write an operational risk policy; develop strong working relationships with senior management, front and back office staff, IT, compliance and audit professionals; advise management on the identification and mitigation of operational risks; embed a culture of risk management throughout the business; and develop, maintain and review a risk management framework. Written from the perspective of an operational risk manager, the focus of this report is always on describing practical ways to get the job done, backed up with real-life examples of everything that is discussed. It provides you with a solid understanding of the tools and techniques of identifying, managing, reporting and monitoring operational risk. It looks at current developments affecting the role of the op risk manager such as Basel II, capital measurement and allocation, and concludes with an assessment of how the op risk manager's role is likely to evolve within the next 15 years. This concise, practical report talks to practitioners in their own language with plenty of identifiable examples of day-to-day scenarios. This is essential reading not only for operational risk managers and analysts but also management consultants, internal and external auditors and compliance officers looking to move into this area or needing to learn more about the op risk manager's role.