When firms get into major difficulties, the problems involved are usually ones that senior management thought they had taken care of. The best defences against operational risks are sound systems of management control and vigilant managers. If you are tempted to regard risk management as expensive, think of the alternative. Don't regard risk management as a drain on profits. Get good people you can trust, pay them well and back their judgement.
Good people are far more valuable than good systems.
Talk to your risk management people and be aware of their concerns. Take some interest in stress testing and contingency planning exercises. Never think that a fancy risk management system takes care of your risks for you and thereby relieves you of the need to stay alert. Understand the limitations of your risk management systems. Be clear about the risks your systems do not cover well, especially operational ones.