This Paper is designed to be of value to financial managers, especially to government debt and treasury managers, and to all those who are looking to develop their management of operational risk as one type of risk that they have to deal with. It sets out a widely-applicable and relevant policy approach and management framework; the practical application is illustrated by the experience of using the framework in the Turkish Treasury. The authors believe that the arrangements set out below and the lessons learnt can be applied across a wide range of debt management units (DMUs – this expression is used broadly throughout this Paper, and does not refer to any specific structure) and related treasury functions. The task may appear daunting: many DMUs are short of skilled staff, very few operational risk management professionals will be available elsewhere in the public sector, and DMUs are often precluded from recruiting from the private sector, whether by civil service rules or an inability to compete with private sector salaries. Nonetheless, a truncated process and a partial or broad-brush framework is better than none. The Paper sets out how policy and practical choices can be made in applying the techniques and in using the resources available, while also taking advantage of a positive internal culture and public sector standards of integrity. Similarly, the framework can be applied to all DMUs, however constituted, ranging from a fully integrated branch of a ministry of finance to a self-standing debt management office, whether or not it uses the central bank as fiscal agent. The difference will be in the risk assessments, which may depend on the unit’s roles and respective responsibilities and its dependence on others.