In today's market, most financial services firms have a Chief Risk Officer or even more specifically a Head of Operational Risk. Few would argue that these roles exist as a means to solely satisfy regulators anymore. These roles are critical to protecting a firm's earnings and reputation. In addition, many have found that having a solid operational risk strategy can deliver significant additional benefits. Despite the importance of these roles, the day to day responsibility for operational risk does not lie with the CRO or Head of Operational Risk. These individuals are primarily responsible for promoting proper management of and measurement of the amount of operational risk across the organization.