Operational risk has become an increasingly important area of focus for financial institutions and regulators in the wake of the financial crisis, as the industry has had to come to grips with wrongful disclosures, trading scandals, cyber threats, third party concerns, and operational disruptions such as that caused by Super Storm Sandy. These incidents, coupled with management’s efforts to derive greater “risk intelligenceâ€� to enhance business strategy, performance, and risk management, along with heightened regulatory expectations for institutions to meet “strongâ€� risk management criteria, have all contributed to this increased focus on operational risk.