Operational risk is a key factor in fund operations, but it is often underestimated. To create a focus on managing operational risk for depositaries, ICMA, the International Capital Market Association, and ALRiM, the Luxembourg Association of Risk Management, joined forces and developed an innovative training course entitled Managing Operational Risk for Depositaries. The course is practical and “hands on”, combining ICMA’s 50 years of experience in leading capital markets and ALRiM’s 30 years of actively managing risk for Luxembourg investment funds. In comparison with other approaches, operational risk management is a relatively new discipline. Before the year 2000, there was no consensus on how to define operational risk. The publication of the second Basel Accord in 2004 was a turning point that for the first time provided a precise and generally accepted definition of operational risk as: “The risk of loss from inadequate or failed internal processes, people and systems or from external events. This definition includes legal risk, but excludes strategic and reputational risk.” The objective of this course is to provide participants with a thorough understanding of how depositaries can manage operational risk.