The 2014 White Paper on Operational Risk is an update to the 2009 CRO Forum White Paper. The primary objective is to highlight the development of operational risk in the insurance industry. The White Paper summarizes the important principles and considerations that should form part of the best practices for the management of operational risk within an insurance company. Additionally, a section dedicated to the measurement of operational risk has been introduced with the notion of providing guidance and considerations to the quantitative aspect of operational risk. The premise of this White Paper is to present principles of operational risk management whilst maintaining focus on the important aspects of the quality of business and risk management processes.