Managing operational risks has become an importance aspect for every organisation. In the past, many operation management studies have focused on the improvement of operational performance. A large number of research publications included topics such as reduction of process variability, increasing flexibility or implementing controls in operations. It seems that research interest is now turning to operational risk management as well. A literature review carried out in this field revealed that organisations make use of various frameworks and models to deal with risks in their operations. Although these frameworks differ in some aspects, there is strong evidence, however, that organisations seem to favour an Operational Risk Management (ORM) framework that is based on commonly used management systems including the Quality Management System (QMS), Environmental Management System (EMS), and Occupational Health and Safety Management System (OHSMS). Drawing on these critical findings, this paper introduces aconceptual framework for managing operational risk based on commonly used management systems. It concludes with a discussion and direction for future research.