The goals and objectives of the bank in the field of operational risk management, the main approaches, principles and mechanisms for operational risk management, as well as lines of defense and relevant risk management entities are revealed. Standard presentation of operational risk information is sacrificed here for reasons of clarity, practicality and efficiency. All information is presented in an extremely concise and accessible form, accompanied by visual diagrams and applications. It can also be used strictly utilitarianly – to formulate a policy on operational risks. The recommendations are addressed to heads of organizations pursuing the goal of reducing losses of their companies, as well as specialists in the field of risks, methodology, and optimization of activities. They may also be useful for students who want to learn what operational risk management is like from a practical perspective. For all interested readers (and especially those unfamiliar with operational risks), the risk minimization standards (section 6.7) will be of greatest practical interest.