Technology and operational risks are closely related and in recent years have caused great concern to Financial Institution (FI) managers and regulators alike. The Bank for International Settlements (BIS), the principal organization of Central Banks in the major economies of the world, defines operational risk (inclusive of technological risk) as the risk of direct or indirect loss resulting from inadequate or failed internal processes, people, and systems or from external events. A number of FIs add reputational risk and strategic risk (e.g., due to a failed merger) as part of a broader definition of operational risk.