Here, I would like to mention that it would be inappropriate to assume that (a) operational risk losses manifest only in tech-savvy and complex banks and (b) that in other banks it manifests only as frauds.
Operational risks are assumed by all banks and further operational risk losses manifest in other forms, which banks ought to reckon to have a wholesome picture of their exposure to operational risk. I would, therefore, urge banks to put in place sound and efficient operational risk management framework since this will be a focus under the Pillar 2 framework.