In financial services organizations, the degree of automation is usually high, whilethe human intervention low. Banksdepend oninformation technology and information management, complexinfrastructure and applications, thus controls are required to support thebusiness processes. Furthermore, the information used by financial institution is often entirely IT generated, managed and controlled, therefore the confidentiality, availabilityand reliability of financial information is crucial.  As such,the risks introduced by the use of information systems play a significant rolein the operational risk. The goal of the Basel Committee regulations wasto improve the risk management practice, introduce supervisory review of banks’internal capital assessment process and enhance the level of transparency inpublic reporting.Basel II Accord introduced a new approach to risk within the banking industryas the operational risk was included for the first time. Anew framework, Basel III was issued in December 2010, which strengthens theregulation, supervision and risk management of the banking sector. The Basel Accord recommends advanced methods forcalculating the risks rating that move towards higher complexity and increasedrisk sensitivity, so IT re-engineering is necessary in order to better managedata and constantly capture and calculate the different types of risk. Thisarticle presents the risks within banking sector as described by the BaselCommittee on Banking Supervision and tries to capture the relevance andimplications of the recommended practices for the management and supervision ofoperational risk upon the information systems area.