The management of operational risk is at the heart of efficient government, but countries often fail to apply good or even routine operational risk management practices and have difficulty in understanding how to put the processes in place. Through an analysis of Turkey’s Undersecretariat of Treasury, SIGMA Paper 50 presents an overview of key operational risks and recommendations on how to develop a framework for managing them, and provides lessons learnt that can be applied in debt management units and related treasury functions across a wide range of countries.