This afternoon’s focus on operational risk is timely. Conferences such as this are important in fostering discussion on the implementation of the Basel II Capital Framework (Basel II). To date, much of the discussion has been on credit risk, and lately on Pillar 2. While they are important issues and I certainly encourage such discussion, we should not lose sight of the importance of operational risk, which for many banks comprises around a fifth of their economic capital. However, I am cognizant of the many people attending this conference who are not bankers and have no knowledge of Basel II. So allow me to provide a brief overview.