Operational risk is a common challenge for businesses, including management, legal, and IT risks. Identifying and measuring these risks is crucial. The Basel II framework suggests using a scorecard approach to control operational risks, not just relying on financial reserves. Capital reserves and insurance can also help mitigate these risks. High frequency low risk events and low frequency high risk events should both be considered. Overall, a proactive approach to operational risk management is essential for the success of any enterprise.