In the process of providing services to the consumer with the goal that the consumer can procure the services in the simplest way without even knowing the complexities of the whole process which has been deployed to make the final procurement so simple to the consumer that procurement of a service can happen with just click of few buttons like withdrawing cash from ATM or making online purchases etc., business activities have become complex over time so also the structure of various service providers to these businesses, one of key service providers being the banking sector. Further the growing need for globalization of businesses has taken these complexities to the next higher levels and even the banking sector is also under strain to control their own dynamic and complex internal operational systems in the process of providing financial services specially to a large business house where a failure implies losing the confidence of various stakeholders, market share-downsizing and even sharp declining of stock prices. The examples of banking institution failing due to uncontrolled and mis-managed operational risks are numerous.